Although the Chinese Property market is in some trouble, I...

Although the Chinese Property market is in some trouble, I wouldn't worry to much about the Vanadium price for the mid to long term.

First of all, it remains to be seen if the Chinese Property sector is really going to collapse...I wouldn't be at all surprised if the CCP re-inflates that bubble at least one more, just because they have few other options.

Another thing to remember is that Vanadium demand for steel isn't 1 on 1 correlated to the amount of steel produced. In fact lots of steel production doesn't contain any vanadium or very little vanadium. But regulations and simple costumer demand for higher quality steel to build more durable and saver buildings and infrastructure allow for significant growth in vanadium demand even if steel demand is flat or falling. Not to mention the addition of Vanadium might mean less steel is needed and less CO2 is produced so there is also an environmental context to this.

Then there are 1.5billion people in India, over a billion in Africa and probably at least another billion scattered across Asia, South America and Eastern Europe that all would love to get a decent home and some proper infrastructure...The world is bigger then China and there should be plenty of demand for steel coming from other parts of the world over time.

Aerospace is another part of demand. Obviously with Covid and much of the world plane fleet grounded, very little demand has come from this sector. That is now again changing.

Then there is the true dark horse: VFRB's! There can be no doubt the current energy crisis has brought forward the fact that wind and solar without energy storage are no way to power your country. In particular Germany's 500 Billion "energy wende" buidling massive solar and wind power and shutting off its nukes, has been an very painful disaster put in the limelight by Russia turning off its gas. They are now burning regular coal and lignite or brown coal, about the dirtiest you can use. Their CO2 emissions have gone up massively.

Therefore I can only imagine a scramble to start installing ways to store the intermittent renewables in countries like Germany, and this will likely include batteries and hopefully a fair few FVRB's. In fact the current drop in Vanadium price might be just the catalyst to get that ball rolling.

And then there is the Vanadium production for coal and oil slag. A dirty produce and you can only do it after burning coal and oil, something the world hopes to do less and less off which will no doubt cut into the potential for this type of Vanadium production.

Its a bit frustrating to see the current share price after the great work done by the company and the timing might tur out to be not great. But VR8 should be one of the absolute cheapest producers in the world. So regardless of the short term we are in prime position.