Umm... it is not a surprise for people who understand % grades...

Umm... it is not a surprise for people who understand % grades across vanadium peers.

Imo, AEE has low vanadium grades despite company announcements and posters here continually regurgitating "high grades". 0.42% is well below producers and more developed explorers.

The 2 listed vanadium producers, Largo and Bushveld, have grades over 1%. AVL and TMT have grades over 1%. TNG has low grades of 0.28%. TNG's SP has fallen over the last 12 months.

If you want to know what this means then look at the CapEx of all the companies mentioned above. Hint: TNG's capex is off the richter-scale compared to all the others.

Disclosure: I am interested in AEE as a U-spec. Unfortunately, it seems management focus is on V and the possible IPO. Further, I hold AVL and Largo.

All imo.