Here's the graph where I compare the published post-tax NPV...

Here's the graph where I compare the published post-tax NPV numbers for three Vanadium developers. This data is taken directly from their feasibility studies, there are no additional assumptions, apart from the exchange rate. The dashed lines are just linear regression fits. What really surprised me was the steepness of the gradient of the VR8 line compared to the others. I presume that's due to the comparatively low Opex/Capex numbers for VR8. Note too that VR8 retains a positive NPV right down to US$4.2/lb whereas the others become negative below US$7-8/lb. At current spot price of US$7.2/lb, VR8 would have an NPV of more than $A 1 billion, but the others would be struggling. The others really need the flake price to be >US$10.0/lb, and by then VR8 would have an NPV in excess of $A2 billion. If VR8 can roughly match these post-tax NPVs in their upcoming DFS (assuming some cost increases due to inflation etc.), their financial metrics are going to look very attractive indeed.



These views are opinion only, not investment advice, holders should check the data for themselves, and draw their own conclusions.

All IMHO, DYOR