Value of SRN` vanadium resource

Hi All,

I am trying to get my head around the actual value of our V resource ,so based on the website we have Inferred resource of  237MT V2o5 @ 0.4 -0.44 % Here>

"The acquisition of the Victory Bore will significantly increase SRN’s vanadium resource base and exploration potential.  The Victory Bore project in conjunction with the Company’s Unaly Hill vanadium project, will provide SRN with a combined Inferred Mineral Resource of 237 Mt grading~0.42% – 0.44% V2O5, making it a significant vanadium resource holder in Australia."

Now,

237,000,000 T is equal to 522,495,603,600 lb Grading 0.42 % (0.42 /100 = 0.0042 ) .

522,495,603,600 * 0.0042 =2,194,857,000 lb

Current price of V205 In Chinese market is : US$28.60/lb = Au$39.35 /lb

2,194,857,000 lb  * 39.35 = 86,367,622,950 AU$


I think I am making mistake somewhere? Does This number make sense ?


https://www.vanadiumprice.com/

Cheers,

W