We wish you a Merry Xmas, page-19

Reception of the PFS might be related to V2O5 price trajectory. If it happens to have bottomed out from this current retrace, good news will get a good result. If not, it could take more time.

Sometime over the next month we should, by rights, see a higher low. $20-$25 before an extended bottom then the next leg up for the commodity. If we apply the new V fundamentals theory anyway.

No coincidence we're all very cheap at this point in what's been a traditionally peaky cycle. We're meant to have different dynamics now... but in the past, pullbacks have been catastrophic and bottomed out at $5.

We all know this time is different. No slag production, higher Chinese rebar standards, pent up VRB demand acting as a price cushion... time for this new Vanadium market to prove itself.

When it does bottom out, and these stories become reality... A peaky, untrusted and unloved commodity might finally be the market darling we've been waiting for it to become.

A PFS about then with the goods we expect to see... it'll be well received.