Ann: Managing Director Company Update, 121 Conference Cape Town, page-46

Thanks Abishai,

excellent summary of why we can expect substantially more funding to be needed.

I'm working on the basis that the final cost will be announced as part of the funding package, so we may not know for a long while yet what the overall cost will be (and, crucially, exactly how much additional equity/dilution there will be as part of the funding package). As BigDaddy mentioned, there may be some NAIF funding that's part of the mix as well.

I'm also working on the basis that the NPV will be updated at some point, perhaps as part of the funding package details. I'd expect the NPV will be considerably higher than already announced given Vanadium prices are now much higher (almost double).
 
If all goes to plan, permitting, design and funding should be finalised and a final investment decision made by end 2019. Best to chill till then - we are in good hands with SMS and KfW.