They have about 1.4mt of V2O5 in the ground, compared to AVL's...

They have about 1.4mt of V2O5 in the ground, compared to AVL's 130kt.

Much larger resource, though it is only the tonnage which can be mined profitably that matters.

The fact they can get high purity is a positive and needs to be acknowledged. It shows that metallurgically it is possible to mine. Whether it can be done economically is the challenge confronting them.

I think the metallurgical results have given them a kick along, above the general vanadium market sentiment which has seen an increase in all vanadium explorers.

Once AVL proves their deposit can be enhanced to around the same levels, it should see our company have a rerate, followed by a further sp increase once a positive pfs is announced.

Metallurgy is the key to any deposit in the first instance, then the grades of the resource becomes very relevant.

AVL was supposed to be having talks with the Chinese early this year, but imo it has been delayed until we have quantifiable metallury results, which are vital to completing the pfs.

The real growth in the sp will be seen once we have completed the pfs and are in a position to then talk to the Chinese about funding and off-takes.

This is when the real interest in AVL will become apparent to the broader market.
For those holding AVL now, the potential has already been recognised. We are just waiting on verification.

Currently our sp has mostly increased in line with the price of vanadium. Real growth is still ahead of us imo.