To counter your smart-a$$ response to @Trade4Profit88 , yes, I think we will definitely need all the luck in the world with this. Any thoughts on the below?
| Company | QEM Ltd | Vanadium Resources | Australian Vanadium |
| Ticker | QEM | VR8 | AVL |
| Projects | Julia Creek, QLD | Steelpoortdrift, SA | Meekatharra, WA |
| Ownership | 100% | 74% | 100% |
| LOM | ? | 40 | 25 |
| MRE (MT) | 2850 | 662 | 239 |
| Grade (%V2O5) | 0.31% | 0.77% | 0.73% |
| V 2O5(KT) | Resource | 8,835 | 5,097 | 1,745 |
| Reserve | ? | 560 | 337 |
| Fe (KT) | Resource | | | |
| Reserve | | | 22875 |
| Ti 2O3 (KT) | Resource | | | |
| Reserve | | | |
| Nameplate Capacity (Ktpa) | | 12500 | 11,200 |
| NPV8 (Post Tax)(AUD) | $- | $1,183,200,000 | $666,400,000 |
| C1 Cost (AUD/lb) V2O5 | $- | $4.11 | $5.91 |
| EBITDA | $- | $227,766,000 | $175,000,000 |
| CAPEX | $- | $266,666,667 | $604,000,000 |
| NPV8/Share | $- | $2.501 | $0.168 |
| EBITDA/Share | $- | $0.481 | $0.044 |
| Capital Intensity | n/a | $1.171 | $3.451 |
| SOI | 113,423,333 | 473,112,374 | 3,963,962,598 |
| Share price | $0.210 | $0.080 | $0.043 |
| Market Cap | $23,818,900 | $37,848,990 | $170,450,392 |
| Mkt-Cap/NPV | n/a | 3.20% | 25.58% |
| Top 20 Ownership (%) | 67.0% | 62.8% | 25% |
| Management Buy-In (%) | 46% | 11% | ? |
| Status | PFS in-progress | DFS in-progress, due Sep'22 | BFS complete, Targeting FID in Q4 2022 |
Notes:
(1) AVL: Pre-tax NPV7.5 of A$833M and equity IRR 20.6% based on US$10.50/lb V2O5 price, while VR8 post-tax NPV8 based on US$9.30/lb V2O5 long term price. What this means is that VR8's post-tax NPV, at a higher WACC, is about twice your pre-tax NPV at a lower WACC. Hmmm...
(2) AVL: C1 costing includes by-product revenue from Iron oxide by-product. VR8 C1 cost is based on V2O5 pure-play. I don't think I need explain this one.
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