I don't understand how anyone can justify this being at ~ 50...

I don't understand how anyone can justify this being at ~ 50 million MC. 

Nothing has changed here, fundamentally. 

Unless we are living a lie and vanadium ceases to exist for steel, then $AVL is incredibly undervalued IMO. 

I know we are slow in terms of progression, but all signs indicate we have one of the best vanadium deposits on the planet. Not to mention, our management is supposedly one of the best also. 

Please, do not take this as a pump. I am growing incredibly frustrated with this stock. I have for a while now. Management should of known better to time option conversion with no announcements, and yes ... a delayed PFS would be a kicker for me. But, let's not get ahead of ourselves. Logically, releasing it after option conversion date would be a smarter move.

Now, some are hoping here that the PFS will save the SP. It probably won't. But, what it will do is put us on the right direction to negotiate some serious deals (if it's good). It's really what may come after the PFS that will be promising for $AVL .... But once again, no one knows what that is because management haven't released anything to market in the likes of a timeline. 

Logic tells me the PFS will be okay, seeing the conservative nature of the base-case. But you can never be so sure given the estimation on capex and opex. There is a lot riding on it. It's really a make or break for $AVL, and I know that the market recognises that seeing the recent SP action. If it is as good as we hope ... well, I think we will be rewarded sometime after.  

What really annoys me here is that $AVL is clearly being played so retail and insto's can fund option conversion ATM. That run to 3.8 c got sold down as quickly as it went up. Follow $AVLO for comparison sake and you can see it's coupled. So that may or may not give you faith that following cessation of option conversion that this may be back above on some okay news.  

It also doesn't help the MC that the market space is horrible, especially the vanadium space. Any decent news in the area would most likely help $AVL - being one of the main vanadium plays on the ASX. 

ALL IMO IMO ETC ETC. 

Anyways, I just wanted to rant ....