Firstly, I am out. Been holding a long time as the SP went into...

Firstly, I am out. Been holding a long time as the SP went into decline and used the opportunity now to unload, not at the top but can't complain. Anyway, considered holding some of my parcel for the longer term but decided against it having scrutinized closely the various postings but in particular the matter regarding the low mass recovery ( circa 5% ) of magnetite from the whole of rock samples. I may have the arithmetic wrong, but it does more or less match closely what othe posters have show in their calculations. Put simply, 1 tonne of whole rock yields 50kgs of magnetite concentrate using their magnetic separation method ( Davey Tube) and the V2O5 in this magnetite is around 2.5%. So the 50kgs of magnetite contains 2.5% x 50kgs = 1.25kgs of V2O5. At a price of say US$20 per pound, which is about US$45 per kg, means the contained vanadium oxide value in the concentrate is 1.25kgs x $45 = $US 56 , lets say AUD80. So the contained value of the vanadium in 1 onne of whole rock is about AUD80. Now start subtracting likely mining costs ( remembering that 95% of the mined rock is "waste" since we only achieve 5% mass recovery), plus transport costs to smelter, and the tolling cost at smelter to extract the V2O5 from the magnetite concentrate.... etc etc . I really doubt there will be a lot left on the table for PUR. Not downramping, just crystallizing my thoughts and what led to my decision to eventually sell out. I hope for holders it turns out well, no doubt as other results are reported from other drillings there will be some price blips along the way allowing for profitable trades, but it needs to be seen in context if you are a long term investor.

One final point, I admit like many others to be initially "wowed" by the announcement headline, but when you start drilling down ( no pun intended) into the data provided the narrative takes on a somewhat different complexion. I don't want to say the announcement headline is "gilding the lily" but there might have been a different reaction if the headline stated something along the lines of " exceptional grades but only 5% mass recovery". Just my thoughts, GLTAH