RE:RE:RE:S/P should be higherit's worth to read for all pusher here who calculate based on insitu value at $33:
https://katusaresearch.com/the-hottest-metal-in-the-world-right-now-vanadium/ here some quotes:
"Do not invest in any projects that are using anywhere near current spot prices in their economics. I specifically asked a large producer of vanadium if he could get an off take at $25 per pound, while vanadium was $32 per pound and he couldn’t lock in a hedge or off-take. So, if you are going to play a niche market like vanadium, make sure you are using say $15 per pound not the current $30+ per pound spot price. "
... be avare FVAN will have a break-even around 12-15$ lb possibly higher than V2O5 price in 5-6 years.
"Also, make sure you invest with a management team that not only understands the niche metal markets, but have direct success in the niche markets. Just because you know how to finance or build a mine, doesn’t mean you understand the complexities of the niche markets. Niche markets are very different than the large commodities such as copper or gold"
...enjoy your further investment in vanadium