Well aware of what a base-case is, but thanks anyways. Here is a...

Well aware of what a base-case is, but thanks anyways. 

Here is a summary for you ... 

"Emerging junior Australian Vanadium (AVL) has developed an initial production scenario for its high-grade Gabanintha vanadium project in Western Australia’s Murchison province, with average operating expenses competitive with the world’s lowest quartile of producers."

"The base case scenario is part of an ongoing pre-feasibility study for the project, and demonstrates robust project fundamentals, competitive product costs and financials, with further optimisation potential."

It is a base / conservative costing of the mine. Not the PFS. Think that is pretty clear here. Hence, the title.