Valuation, page-29

Well using 5$ opex instead of low 4s (4.27), still makes a difference, but yeah not so much when the selling price is at a double
Bad news are that there is still potential to the upside in extending the resource and LOM, so these numbers could get even more ridiculous and I would be afraid that someone will just take us over for pennies, if market does not recognize this opportunity soon allowing us to capitalize.
I would speculate, that market is still holding off a bit, expecting V price to collapse, looking at the nature of the spikes in the history - it shoots like a rocket and goes down even quicker. But increase in V price this time seems different, it is not so sudden, from higher base and as such even if it retraces I would agree that it will not go back down lower than the PFS price. To be honest I am also invested in VRB battery maker and current prices are a nightmare for them, so I would like to see V prices not too crazily high, it could force rebar makers to use different element for steel strenghtening and halt VRB adoption.
Does anyone know why V price collapsed so quickly in 2005? I tried to google it, but nothing obvious other than the supply increased. But Im wondering how flexible the supply side is now. Need to do more research.