IPO - QEM Limited, page-91

Hear hear share trader! I suspect the other companies in the region are not counting the vanadium that they have in their fresh oil shale (which they all would have). They don't do these because they all know that in Queensland Oil Shale is as contentious (if not more contentious) as Adani. I do note the technology appears to be relatively benign (that you for posting), but check out the QLD Oil Shale Policy (its easy enough to google). Any technology would have to be pilot plant tested for quite some period of time. Upshot...loads of time...loads of expense....lots of capital raises...by that time (approx 2025) all of the other pure play vanadium projects in the region would be up an running and the price of vanadium would have significantly decreased. All in my own opinion, do your own research.