As you say, back of the envelope stuff. Producing vanadium will come with costs attached too so not all of the revenue coming from vanadium can be used to offset U308 production cost, but it will certainly help.
At the moment the Tiris project, producing solely U308 at a Cash Cost of $19.40 (which is likely to be higher in reality - PEA/DFS etc are almost always unreasonably optimistic), is a little bit marginal at current long term contract pricing of ~$32. With the vanadium credits the economics could well prove to be solid.
Vanadis IPO, page-98
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