Ann: AVL in Strong Financial Position to Complete DFS, page-76

Not sure about that. Vanadium prices in Dec/Jan don’t do much as factories shut down and/reduce production,  meaning inventories are used prior to Chinese New Year in a general sense - therefore sellers generally accept reduced prices around this period given demand reduces in that period.  Let’s see what happens in February as factories return to production after Chinese New Year. Long term I agree with you as more production comes on stream and the demand/supply gap reduces, prices will come down to the US$10 per pound to $15 per pound that VA quotes (and I agree with). Short term those vanadium plays in production will make a killing to 2022 - how much AVL gets of this current pricing benefit before it settles back to normality (i.e. the 10 to 15 price per pound) is dependent on how quick it can get into production.  All IMO IMO IMO