The key point here is time. How long? The price of vanadium has...

The key point here is time. How long?

The price of vanadium has fallen to US$20.30 right now. The tend is clearly down.

Has AVL been sold down as part of a broader market rout, yes, no doubt.

Has AVL been sold down because of the options not being converted, yes, no doubt.

Will AVL go above the 2.0c mark.... that's a future question. However, with several million dollars not being used for option conversions, it's pretty damn obvious that the market presently values AVL at 2.0c or less... so right now, no, I don't see AVL going above 2.0c for a prolonged period. The only way AVL would go over 2.0c is if a well financed holder used computer algorithms to run the price up and then sell into the suckers who buy.

In three or six months time if a binding offtake or finance deal can be struck, then yes, AVL could trade above 2.0c. What are the chances? How much would you gamble on this when the floor price is, IMHO, 0.7c

Could you cope with a 60% loss from here on a punt that AVL will finance this project? That's the question only you can answer.