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Completely agree. But Covid put pay to timescales. But as the expedited VB additional investment demonstrates everything is having an escalated timetable. Sir Mick is no fool and if he believes pilot plant has merit I wouldn,t like to argue.

Just to clarify. Arc Furnace always 6 months. The VB investment targeting the "Enormously expanded BFS" and Increased production via Arc Furnace. Everything transparent and consistent.

I think this is a bit of a generalistic statement based upon normal small project start ups that use the BFS to then go out, raise equity and then commercial funds. There is no way VB is going to take that long. The beauty of the project is the insitu infrastructure and the small plant that allows for expedited plant build up. My take is under 3 years. at most. 12 months to BFS and Decision to Mine and 18 months to first production. VB have the contacts to cut through suppliers and expertiese. So I think the 4 to 5 years is a bit of sloppy journalism based upon an average small company development. Not the uniqueness of FAR.

I think you know exactly what I mean!

Stage 3 will replace stage 2

Just to clarify The podcast was prior to expedited additional investment which will speed up timescales as it was announced to accelerate the BFS etc... So my take is 1st qtr 2022. The additional investment will allow a "hugely expanded" BFS study so I doubt if it will only include Phase 1 otherwise why drill out the additional 4 bodies to Jorc standard? I personally believe that there will be a hybrid Phase 1 and 2. Demand and market conditions will push this further down the track and stage 3 will replace stage 4. The key and the real worry for competitors is that they require a much higher Vanadium price to be barely profitable. Plus $10. NB and VB will be targeting $7 to enable the VFB market to have confidence in its viability as it begins to gain traction. The cost of capital for other projects will be prohibitive. I don,t think the market has woken up to the upheaval FAR will cause. Its a bit like Amazon hitting the retail market.

Excellent Summary Mr S. Thankyou. 2 Key takeaways for me in addition.

Firstly, interview before recent expedited VB investment. Which I believe will significantly alter timeframe to more like 1st qtr 2022 . But also I feel will incorporate full BFS for stage 2.
Secondly, just re emphasises the cost curve. To be able to achieve a neutral or even negative Vanadium cost of production is just unbelievable, Where competitors are looking over their shoulder for an increasing Vanadium price FAR is looking at the opposite , to keep the Vanadium price stable and modest and to act, like Saudi in the oil market as the preeminent swing producer.
NB basing his NAV primarily on current steel requirements, whereas VB focusing upon the VFB market, just incredible!

https://seekingalpha.com/article/4437087-vanadium-miners-news-for-the-month-of-june-2021.

I have a real gut feeling that the BFS , incorporating the imminent drilling campaign and consequential Resource upgrade will prove that FAR's project is just too large for it to go into production and will be bought out at a multiple of todays shareprice by a Major player.

The potential is just incredible! Both in terms of low cost production/demand but also what conceivably could happen to Vanadium prices.

https://*************.net/ferro-alloy-resources-accelerated-investment-from-vision-blue-interview

Real vote of confidence. Just illustrates that The VB team are focused on brining the project forward at the earliest opportunity but also expanding the level of production. Think Phase 2 now nailed on as first stage.

If anybody has any doubts as to where we are heading they just have to watch the last two interviews. Sir Mick and then NB (early June). The BFS is being "enormously expanded". It is now incorporating completed indicated resource drilling of 4 known pits. The existing BFS was targeting a NAV project of circa $2bn at stage 2. We can only dream what the NAV will be with the revised BFS. Add the expanded ancilliary products I would guess that cost of production will be even greater into negative territory. As NB said it is highly likely that FAR will be able to support on its own all additional demand requirements which could equal virtual current demand. We are talking about lifechanging valuation here for the patient!

https://www.telegraph.co.uk/environment/2021/06/16/britain-faces-catastrophic-power-cuts-electricity-begins-run/

The more I look into the Battery storage market (let alone Steel requirement to become more environmentally friendly) the more I see just the incredible potential FAR has over the next couple of years and going forward. I suspect by the time the BFS is published that potential of providing a back up to the grid and the urgency to expedite green energy will be a once in a lifetime opportunity. There is so much acknowledgement now that in a post covid world Climate change can be tackled but will reequire huge global investment particularly in Africa and Asia. My hope is that FAR will under VB go for broke and decide to corner the market and like Saudi become a swing producer. With a potential negative cost of production it can set the price via volume and consistency and quality of supply. I also hope that a streaming deal (with circa 90% net return) will avoid further dillution with capital cost for stage 2 (circa$250m) becoming the base line. As SP28 has illustrated it would give a NAV of circa $3bn + .

https://www.energy-storage.news/news/largo-says-vanadium-for-energy-storage-worth-twice-as-much-as-steel-product

Largo sees huge returns on Battery Storage. Interesting that it quotes production costs at $3.50. Compared to FAR's potentially Negative cost of production.

Really good macro interview following on from earlier more FAR specific one. My take is that FAR is pretty unique in the VB emerging stable. For two key reasons. Firstly The use in steel is significant and growing, a market that is already in existance and secondly thats the BFS , I believe , will highlight the negative cost base due to by products. I think the modular concept to avoid project risk will not apply to FAR as capital cost is pretty small and also indicated commitment to fund equity portion of stage 1 already on the table. I get the feeling that if , as hoped, the BFS proves up NB's thesis of the largest global vanadium deposit that FAR will, under Sir Mick go for stage 2 immediately and cut the knees off of the competition. He comes from the background of huge Mining companies and big numbers are in his DNA. I think he will establish FAR as the go to, first choice for Vanadium at a price substantially below other competitors knowing every $ will be profit!

Unless I misheard I think Sir M said "previous company" or something to that effect regarding FAR. The overall impression I got was that the deal is a seismic shift and that Sir Mick and his team are now in the driving seat and that NB will indeed be sidelined. Everyone is going to be wealthy beyond their wildest dreams so huge compensation .But there is no mistaking who is in charge now.

This is a dream project for institutions and Commodity funds. Agree the VB team headed by Sir Mick will provide a direct line of sight and demanding timetable. I have a real feeling that NB will be sidelined and focus more on the background technical stuff. He is going to be a very rich man in a couple of years!

Momentum absolutely spot on!

Hopefully today they will have the Mother of all Board Meetings. Get to grip with firming up timetables and responsibilities. Would be good to get someone other than NB doing the PR cycle. Its like listening to Gordon Brown or Kier Starmer. What NB says is great but it takes twice as long and is too technical. Great for Investor roadshows but not for presenting the key points of where FAR is going. Great news to get confirmation.