Ann: Conceptual Development Plan for Vanadium Projects, page-2

"As Pursuit progresses assessment of its projects it will consider a two-step development process. Step 1 would be to get the Company into production, producing vanadium enriched magnetite concentrate, which could provide Pursuit with the financial capacity to invest at a later stage in Step 2, which would be to develop a central salt roasting processing plant that could produce V2O5 flake from multiple projects, provided the economics of such a development demonstrated strong returns for shareholders"

Great approach.

this is how you preserve shareholder wealth, restrain project equity dilution, but maintain big earnings potential. - a two stage cash flow, into larger development.

essentially, DSO into concentrate, whose cash flow develops or underpins finance for larger capex V205 flake.

Its also how you get to the top of the pile, as you are seen by the market as an early mover into profits.

"As the results of both Scoping Studies will be based upon Inferred Mineral Resources, Pursuit will not be able to announce Production Targets or disclose Forecast Financial Information (including net present values or internal rates of return), in accordance with ASX guidelines. The Company will be able to announce if the outcomes of either, or both, Scoping Studies, justify the commencement of Definitive Feasibility Studies"

While ASX scoping restrictions ASX places with inferred resources, perhaps the much greater reduced capex numbers will open the door and let the light in for the market to realize what we have.

At the end of the day, what all shareholders want is sp growth, via value recognition and via development into production that protects the earnings per share, than dilute the buggery out of it.

Looks like management, directors skin in the game are in the same mind set.