RE: $2 Billion Company in the makingAgreed. Once upon a time, several of us on this board worked on a discounted (8%) NPV analysis that put Largo somewhere in the 70-80 cent range and ignored the value of Northern Dancer and Campo Allegre since there was insufficient information. That range was based on significantly discounted vanadium pricing as well as lower tungsten values for Currais Novos (which, as I recall, added only 1-2 cents to the NPV although it's worth more to have a junior that can generate some cash).
Nothing has changed today to impact that assessment in my opinion. People are afraid, certainly, and the only effect is to bring down the stock markets and provide bargain basement pricing to those savvy enough to spot the good investments from the ones that have always been speculative. The BRIC are still building, nobody (at least not yet) has gone bankrupt, it's only fear of those things stopping that has driven the last few weeks. Of course, if fear stops projects and planned expansions, etc, then it can have a very real effect on the economy, but I don't know of any examples of this.
Anyway, since we don't have any need to raise capital now, the stock price is irrelevant to company operations and if extended might mean that some of those warrants don't get issued. I don't believe they were necessary for completion of the mine, anyway, and were offered as a bonus to get the main offer to be a still-cheap 35 cents.
Yes, this company financing was done by several large investors at a price that is almost 50% above the current share price. As much as I feel I've done my due diligence, they will have done more and are invested in a very big way in the future of Largo. On the one hand, they may sell us up the river for a quick but lowball gain in a sale, but even in these terrible markets I doubt that they would do so below 75 cents which would still be triple the current price (and double what they paid) although very upsetting given that we know the possibilities here. However, I believe that they wouldn't be invested so heavily if they didn't see what we all see and barring some emergency for all three of the big investing companies, I too see no barriers to reaching Mark's goal.
The one thing affected by our current share price is our negotiating power when trying to arrange a JV for Currais Novos so perhaps I spoke too soon, but since I don't count that in my current estimates, it's merely a bonus property waiting for the right time. It would add a lot to have that project on the go simultaneously, but it doesn't affect the fact that we're below 1/3 the discounted NPV. When we get the construction license (which itself might not have a big impact on share price except that the rest of financing is contingent on it) and a better idea of what is at Campo Allegre (provided it's good news) we won't remain at these levels and then we can start looking at a JV there. Provided that all the miners of the world aren't huddled in the fetal position in fear.