Victory Hill/Unaly Hill projects potentially worth billions

SRN has massive deposits of Vanadium at their Victory Hill and Unaly Hill sites. I will refer to the announcement released 29/4/2019 titled 'Acquisition of Victory Bore Vanadium Project'. While we already knew that their resources were very impressive, there are some details that may have been overlooked that make the projects even better than they currently look.

To recap, we know that there are proven reserves of 151mt @ 0.44% V2O5 (Vanadium Oxide) at Victory Bore. This is equal to 664,400 tonnes of contained V2O5.There are proven reserves of 86.2mt @ 0.42% V2O5 at Unaly Hill, which is equal to 362,040 tonnes of contained V2O5
This is over a million tonnes. However, a 2017 report commissioned by SRN employed aeromagnetic modelling and historical drilling notes that there may be an additional undiscovered 150-200mt of magnetite and vanadiferous mineralisations present on the sites, with similar gradings as the proven resources.

So there is potentially ~400mt out there. Now is the seemingly low grade of vanadium a problem? It seems not. The METS technique of salt-roasting used to process vanadiferous titano-magnetites that soley recovers vanadium seems to be quite economical. The process beneficiates extremely well - gangue minerals are rejected at 99.5%, 99.0% and 99.3% for silica, alumina and calcium respectively. Now the company report notes that there is an average vanadium recovery rate of 89.2% using this process. So just by working with proven resources, and based off a current Vanadium Pentoxide flake market price of $23.11AU/kg, we can see that the projects should be able to yield (664400+362040)*1000*0.892*23.11 = $21,159,157,332. Wow!

Things get crazier when we consider that SRN could produce Ferro-Vanadium instead (a steel alloy). The current price for the alloy is ~$93.16AU/kg, however the report notes that the operating costs for the production of Ferro-Vanadium is $19.16AU/kg ± 35%. So a conservative estimate of the cost per kg is 25.87, which gives a margin of $67.29. Plug that number into the calculation above and you get a yield from the project of 61,609,679,659. Just draw dropping.

And to add a cherry to the top, the report notes that there exists the potential to increase the profitability (and therefore NPV) of the projects by extracting the titanium and iron by-products produced by the salt-roasting process (assays indicate 6% Ti and 57% Fe).

This is all in addition to the Perenjori Iron and Gold prospects, which 1%aday notes in 50843714 has an NPV of $4-16 billion dollars. And don't forget the kickass results we've been getting at Yidby and Kooline.

Good luck to all holders!