Ilmenite prices From 2023 Annual Consolidated Financial Statements
"Management estimated vanadium prices based on current pricing data and anticipated market supply and demand dynamics, and used an estimated vanadium price of $6.68 per pound for 2024, increasing to $8.50 per pound for 2027 onwards. An estimated ilmenite price of $200 per tonne for 2024 was used, increasing to $213 per tonne in 2027 onwards"
And yet in the CC when Heiko Ihle of HC Wainwright asked “what prices are you seeing, please?”, he got nothing but a word salad reply from Paul Vollant. So what is the ilmenite price level estimated by management? US$300? $200? Less than $200?
A condescending word salad reply is not the way for management to earn the trust of analysts, is it? Heiko Ihle is the most “pro-Largo” analyst and he just cut the PT down by half from US$9 to $4.6, a number which is in the same territory as Largo’s book value. Considering the fact that the PT is for the next 12 months, it seems like this friendly analyst does not expect much of a come-back in 2024 unless some very positive catalyst will happen in the second half of the year.