Vanadis IPO, page-380

To put it in perspective, our ore at Tiris is no deeper than 5 mts. The vanadium is present in the carnotite with the uranium we are already mining. The carnotite is easily separated from the weathered granite by a simple process of washing and screening. With an additional leaching process, we can separate the vanadium from the carnotite. The Tiris capital cost is $45m, even if that is increased to included a vanadium circuit, there is no low capital, project (that I know of) that compares.