Ann: CEO Presentation at 121 Mining Investment Conference, page-12

Agree - DJ over priced . But Specs have been in a bear market that started in FEB with the trade war.

But - if fundamentals of vanadium keep the price rising - it can fuel a sector bubble .

See post GFC - I recall rock phosphate went to 400/t and a few stocks with exposure led some impressive rises . Uranium was another .

The market will want something other than a few medical stocks to rally behind .

But agree - in a DJ melt down panic will rattle a few . But how close to the bottom do you need , 4m MC, 2m EV.

At the end of the day - if there is a sound business development (ticks every box to develop) Fundemental buyers will brave the panic driven to position - when sanity returns - even a massive DJ correction - has the clouds clearing at some point . Will see those who have accumulated at near nothing lows reap rewards IMO.

I have lived through the GFC , and the many corrections we had before it.

The problem with the market today is that there haven’t been enough mild corrections and any modest correction will seem to some like the sky is falling . But - the sun always manages to come back out again , and the money will want a home .