A very recent and excellent research report on Largo by Piyush...

A very recent and excellent research report on Largo by Piyush Sood (Morgan Stanley) has a 'through the cycle' valuation of C$4ps and a 12 month price target of $6 ps on the back of the 'stronger for longer' arguement around the vanadium price (which he fully supports). His Bull Case valuation is $8 ps using an average calendar V price of $47 in 2019.

He expects in four years for the V price to settle down to a sustainable level of $12/lb. By then the average cost of producing primary V will have risen to $6/lb because low grade producers will have been encouraged into the market.

Big fat margins for those that can manage the cost of production below $5/lb i.e. US!