Vanadium Resources (ASX:VR8) increases stake in Steelpoortdrift Project, page-13

Good interview. Eugene's last comment confirms that they are positioning themselves to execute construction of the mine in 2023. So we can expect finance later this year. This supports correspondence i received from management last year that finance would follow the completion of DFS.

I am going to alter my valuation template from Post #:58967907 to be extremely conservative. By the end of this year we should be stage 3 with DFS complete and finance secured.

Stage 3 (DFS + offtake and/or finance secured) =30% of NPV 10%

1.3B * 10% = 130M
130M / 35.5M = 3.66
0.075 * 3.66 = 0.27

Share price fair value by end of 2022 = 27 cents

For those of us that got in around 6 cents, that is a 350% increase before the years end.

Some obstacles may be poor DFS results or timeline delays (I consider these unlikely).