Vanadis IPO, page-384

If we compare Aura with AVL, although the Gabanintha pre feasibility suggests a low opex of $4.28/lb, the capital cost is estimated at $360m as per the pre feasibility study. With 2 billion shares on issue after the exercise of the December 2c options, it's hard to see this project getting up without a lot of debt and a lot more dilution. Aura's Tiris has an estimated capital cost of $45m and will likely produce both uranium and vanadium at the lower end of the cost curve. It is more advanced than AVL's projects and will be far more easily funded and brought to production. Once Tiris is in production, we will be able to fund Haggan from cash flows. Aura has 1.073b shares on issue with a strong desire by management to limit dilution. AVL has a current MC of $67m vs Aura's MC of $18m.