Vanadis IPO, page-229

TMT PFS used V price USD13 and costs of USD4.27. V market price at the time of release was USD16.

AVL in base case PFS* used V price USD13 and costs of USD4,13. V market price at the time of release was USD20.

AVZ released a SS using current high market price of lithium. The stock was sold off and has been suspended for a week thus far. Peers used a much lower lithium price in their PFS/DFS.

AEE, imo, would be well advised to be conservative in their estimates. The long term average V price is USD7. For successful V miners. it is all about cost of production.

* Note: prior to releasing the base case, I said in HC, if a full PFS is not released the SP will get hammered. Full PFS not released; SP down 30+%. I mention this as I can be critical of stocks I hold.