The possibility's...
A Roskill Report on vanadium estimates the price of standard grade V2O5 will be $11.00 by 2017. The 3 year average price for V2O5 is $6.37 and for ferro vanadium's (FeV) it's $14.04 which makes the average price of FeV 2.2 times greater than V2O5. Since both are related products as -V2O5 is normally converted to FeV- its reasonable to conclude during 2017 FeV could be about $24.20/lb
Below is an attempt to determine Energizer's sales if they devoted full production to either standard grade V2O5, FeV or electrical grade V2O5. Energizer's intent is to produce electrical grade V205 whose current price is difficult to find. The best info I've seen was given on p13 of Ocean Equitie's Vanadium Sector Review of 15th July 2011 which gave electrical grade V2O5 prices from US $29 to $66/kg for 2010 which translate to ~$13.00 to ~$30.00/lb.
Energizer presently has an indicated resource of 49.5MT grading 0.693% and an inferred resource of 9.7MT grading 0.632% which translate to 59.2MT grading 0.683% with expected ore recoveries of 82%. A 59.2MT resource grading 0.683% with 82% recoveries can potentially produce up to 33.33 million pounds of V2O5 annually for ~22 years when mining at 7,500TPD.
If half of the 59.5MT are converted to proven and probable reserves, it would give an initial mine life of 11 years and Energizer lots of time to convert the other half to reserves. Additionally 75% of the existing ore body is open to further exploration, and the Vanadium extends to the 75% JV property to its south. As a result mine life could be extended considerably.
Looking at the potential sales of the type of V products mentioned above
Sales potential for Standard grade V2O5
33,(½ point)337.123 x 11.00 =$366.7M
Sales potential for FeV
(33,337,123 x 24.20)/1.785 = $452.0M
Sales potential for Electrical grade V2O5.
Case 1
33,337,123 x (13.00 + 4.25*) = $575.1M...*(¼ point of ~$13.00 to ~$30.00/lb price difference)
Case 2
33,337,123 x (13.00 + 8.50*) = $716.7M...*(½ point of ~$13.00 to ~$30.00/lb price difference)
https://finance.yahoo.com/news/vanadium-global-industry-markets-outlook-161400952.html
excerpt
With demand expected to marginally exceed supply in 2013 and 2014, Roskill expects a recovery in vanadium prices over this period. Consumption is then forecast to slightly lag production as new capacity comes on stream between 2015 and 2017 and prices are expected to remain relatively stable. Vanadium pentoxide prices are expected to reach US$11.00/lb V2O5 (in 2012 US Dollar terms) by 2017.