RE:RE:TJ Dune it's you who should read the FS againServicing debt is whole lot easier when you are operating cash flow positive. Loans can be refinanced or funds can be raised with tolerable dilution. Investors are now seeing Largo as a real company with >$200m market cap.
About inventory write off: I give you that it was odd, but doesn't necessary mean product was not on spec. (Maybe recoveries from ore stockpiles suffered or something else). Previous quarter they didn't write off inventory, one can hope it was temporary. If someone has checked the reason from the company, please reply.
Once you factor out inventory write down and depreciation, quarterly operating expenses were some $11m. Last month they produced 780 tonnes V2O3 ~ annually it would be over 20m lbs -> do the math.
About changing the plans to produce flake (their current product) vs. ferrovanadium: This is old news. I think they mentioned this already couple of years ago. FeV plant requires extra capex they don't really have, and in this price environment it's most likely not NPV positive move. I think this was mentioned only because of comparisons to feasibility study.