I think big banks tend and commercial lenders would generally...

I think big banks tend and commercial lenders would generally tend to be super cautious around VFBs as it’s still a very new (and still largely untested) market.

And a lot of the forward estimates are actually from research companies like Fastmarkets and Shanghai Metals etc?

However there’s plenty of room for the government and off takers wanting an equity stake to step in.
(NB recent various government agencies’ recent $840m of support for the Northern Territory Arafura Project about two weeks ago; https://www.theguardian.com/austral...ner-soars-in-value-on-news-of-840m-in-support ).

As far as I see it AVL has been ticking all the right boxes with various relevant ministers - both State and Federal, with overseas government interests (via US Consul breakfast meeting and USV connections) and with NAIF and Export Australia (who both sent representatives to attend the Wangara Electrolyte Facility opening) …. and likely others.

RCF has also a record for beimg able to draw in very solid support from Australian Super (its’ partner in helping Pilbara Minerals take out the next door lithium project, Altura) and Aware Super has also thrown considerable backing into vanadium already with support of the very junior North Harbour Energy Projectin the Eastern States which has a battery manufacturing JV with Cell Cube that’s still to be fleshed out, and more interests (I think!) in Europe.

My feeling is the Australian Vanadium Project will be -initially at least - funded from other sources Lewis.

But I dunno.

cheers