Obscured ilmenite sales priceThe report doesn't say what their realized price per ton for ilmenite is.
But it says they sold 513 tonnes of ilmenite.
And it reports total revenue of $42,187,000, and revenues of $42,118,000 in the vanadium section.
Even if all the other revenue ($69,000) is from ilmenite sold, they're only netting $134 per tonne, which is super low; I'm seeing over $300/tonne for most grades I can find online. Maybe it's because they've just kicked it off, I think they mentioned low grades at the start that they expect to improve.
It does say they sold 8,363 tonnes of ilmenite in April, so maybe they've been able to realize better prices. Even at those prices though it's another $1.125 million of revenue, which helps considering we're hemorrhaging money at this V prices. If they can realize prices closer to $300/tonne, even better, though, obviously.
Hopefully the batteries coming online and competitors going down will bring this price back up in the very near-term.