I tend to agree that they've underestimated capex $116 and opex...

I tend to agree that they've underestimated capex $116 and opex $4.77 in their economic assessment - not as rigorous requirements as a pre-feaso here on the ASX.

That said it is a nice easy hill peak to mine so will have a low strip and mining costs. They will have some significant geographic advantages able to overland to whichever mill they might supply, even if most are East Coast.

I tend to think they'll get a reasonable amount of support. Raising capex for a small plant (even if they can't do it $116) will be an easier task in the states than double that over here, even with quadruple the grade.

The interesting part will be when a couple of optimised studies come out here in December and then June. Both will leave their respective first cut reports for dead.

I expect AVL to kick off with a sub $4 opex, 25 year LOM and $20 V2O5 scenario in 3-4 weeks which will leave the market on the floor. They've done the optimisation drilling referred to in Sep and just sitting tight for these results. Combine this with the other Gabby report coming and more rigorous PCY studies on capital costs and process engineering and there will be a significant amount of V money searching for a home (again) .