It's heading there. I'm not 100% that it'll get there though....

It's heading there. I'm not 100% that it'll get there though. Looking at the couple of PFSs done on the Gabanintha deposits, the important numbers appear to be 4, 8, 13 and 20, if we add 4 into that mix ourselves. Interestingly the numbers have a non-linear relationship, so someone is carefully looking at this from behind a desk somewhere (great conspiracy, I know).

My gut instinct, which is worth SFA, tells me that $5 will be the bottom and it will take 18-24 months to arrive there. Of course, this doesn't allow for any black swan or market disrupting events.

Take a punt on the black swans, for sure, but the steel industry wants to send vanadium extraction back to marginal profit levels again.

It'll be an interesting 2019 that's for sure.