Good research.
Here is a common theme with low-grade JORC plays. They always promote the grade obtained after a concentration process. This, imo, is misleading. Look at the attached graphic as an example. It compares JORC grades but for IRC they have a line pointing up to show a higher grade after concentration but fails to add a similar line to its peers.
IRC styles Richmond as "one of the highest undeveloped vanadium resources in the world". Interestingly, it does not include Haggan amongst its peers.
When a JORC compliant table is published, it cannot have asterisks with a side note saying something like "but grade is much higher after xyz process". JORC is JORC, Anything else. imo. is company spin.
Source: https://www.asx.com.au/asxpdf/20180806/pdf/43x38f2scds26c.pdf
Vanadis IPO, page-303
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