Clueless newcomer
Book Value? What the beep are you talking about? Didn't mention it anywhere.
Ever heard "grade is king"? They are mining Gulcari A in year 9 now, have a couple of years left with already declining grades and then it's going to be GAN and NAN with half the grade of Gulcari. How are they going to make money on 0.7% and 0.5% deposits when they can't turn a profit with Gulcari's 1.2%?
Management was a disaster right from the start with loudmouth Brennan failing to deliver anything on time or budget, triggering multiple unplanned capital raisings before production started and it didn't get any better. There was one lucky guy watching Vanadium prices going throught the roof due to Chinese environmental inspections hampering output for a year but then it was back to dire straits.
They gobbled up a failed flow battery business in 2020, sold one system more than 2 years ago which still isn't connected to the grid. Battery energy storage systems are booming like hell yet they are unable to sell any battery for two years. What an epic fail! That of course doesn't prevent them from wanging on about their "superior technolog", my ar5e.