I think the market needs to see something concrete such as a...

I think the market needs to see something concrete such as a binding offtake agreement to prove that the supply/demand scenario playing out is 'real', and the surging vanadium price is not artificial and will not crash again as it has done historically.
Yes, us believers are sure that v205 price will not pull back until additional supply comes online, hence we are in early and stand to make the biggest gains, but others may need to see that there are end users out there looking to sign up supply, not just talk of it.
I think that once we announce something BINDING (MOU doesn't cut it, and I will stand by that even if TMT sign one) the fact that we are going to mine will become real for a lot of people waiting on the sidelines, and we will see some very big gains. Not to say this can't happen earlier