Vanadis IPO, page-122

If we consider the higher grade portion of the Haggan vanadium deposit = 840m lbs. Let's use extremely conservative numbers ... if we could only recover 20% of the resource = 168m lbs, over a mine life of 15 years = 11.2m lbs/year. Each extra dollar of profit per lb is worth $11.2m x say $10 profit/lb = $112,000,000. Where can we expect the vanadium price to go, $25, $30, $35/lb? Most producers have a cost base well under $10/lb so you can quickly calculate the massive impact each dollar rise could have on Aura's bottom line.