Vanadis IPO, page-132

Hi Growler, Not sure I agree with that statement regarding high capex is your grade is less than 1% if a grade is low and near surface it doen't cost much to extract and the extractioncost is the key so the profit margin is still contract price minus extraction cost. Having a higher grade is mutually excluse to extraction cost. Sometimes companies use leaching to increase its grade and then mix is with higher grade or just simply use the lower grade. When the scoping stusy is released it should give some clarification and it may surprise you how close the cost of extraction is compared to Largo and AVL.