Ann: Gabanintha Pre-Feasibility Study and Maiden Ore Reserve, page-90

If they were producing now

• Vanadium Price US$23.90/lb
https://www.vanadiumprice.com/

• 22.5Mlb V2O5 per annum over an initial mine life of 17 years
US$537.75M

• OPEX US$4.15/lb V2O5 equivalent (±25%)
US$70M -25% ..............> $US467.55M
US$93.375M ..............> US$444.375M
US$116.72M +25% .......> US$$421M

• CAPEX US$354 million (±25%)
US$265.5M
US$442.5M

If Vanadium prices hold at this price Highest Capex, Highest OPEX means they will be $21.5M short of enough free cash flow to pay for the plant in 12 months at full production.
Conversely Lowest Capex, Lowest Opex the plant cost would be met with $201M left in the kitty for the first 12 months, $US467.55M every year thereafter.

At the low end CAPEX/OPEX which is what AVL will be targeting, this would be extremely profitable at current Vanadium prices. It is also worth considering this CAPEX is low when compared with peers in this sector.

Have to ask the question why this project can't be expedited.