The big question.....financing, page-46

It would be great if we had concrete financing or offtake already laid out, but I would say a majority of resources don't have finance or offtake in place before DFS. Even gold or copper companies for example where the path of production is a lot more well worn than for Vanadium, usually you'll get 'discussions' occuring between PFS and DFS, but never anything meaningful until the DFS proves the resource's worth and a genuine decision to mine is made. Along with permitting out of the way etc etc. i.e. as de-risked as possible.

In my opinion the fact none of these 'talks' or 'discussions' have progressed to actual offers doesn't automatically indicate to me that there are/will be problems down the line. PFS doesn't have any warning signs for me.
Not saying there couldn't be issues or things that make potential fianciers/offtake partners hesitant, but at this stage I don't expect anything to be locked down anyway. So this isn't a concern for me.
Only genuine Tier 1 world class deposits with absolute no brainer financials have companies scrambling to put pen to paper before a DFS.

I can't predict when or where progress on that side will come from, but if there are any warning signs as yet I personally can't see them.