Vanadium price advances, page-327

Expecting Bushveld Minerals to be closed down by year end in South Africa.
Largo resources to increase Q losses over the next 2 quarters Largo Operating 25% lower on production.

TMT sit and wait strategy wont hurt in the short term but coming into 2025 TMT should be coming into the sweet spot to fill the market gap not add tonnes to the vanadium market.

It is supporting a push for AVL to enter the market as a V producer should the current trend continue.