Lethal,

I have been doing some checking as well. Even though the price of Vanadium pentoxide (V2O5) is quite high compared to TiO2. Some $13,000/tonne compared to $2500-5000/tonne. It's the grades that brings down the in-situ value of Vanadium. For example for in the example you have the ratio betweeb Ti and V is 11%/0.18 = ~60. For Aegex it's about the same (about 50). So if the value of $13,000/tonne is scaled down by a factor of say 60, the Ti equivalent value of V would be something like $200/tonne (compared to $2500-5000/tonne, your value of $3770/tonne is some where in the range, which is fine).

Consequently, the value of V would be of the order of say 200/3000 = 6% of Ti value. That why for both Argex and Magpie I would only consider Ti and ignore the rest for a first order estimate (For Magpie the Fe tonnage and grade are high, but I would also ignore the Fe). Take the values in your example, the value of Ti/Fe/V is 83/12/5% of the total respectively. This is just the relative in-situ value, i.e. not taking into account the cost of processing (cost to process V could more expensive, if you reaaly want to get the stuff out ???). So for all practical purposes, the 12% Fe and 5% V can be ignored for the sake of simplicity.

So, we have some $400 B of the good stuff in-situ. Let's assume only 1% value above ground...$400 x 0.01 = $4B = $4,000M. So, I have the same problem trying to reconcile this number with FNC market cap of $20M (50% ownership or not), noting that FNC also has 17.5% CHM (and some 1.5% NSR); 9M shares of RGX, Lac Lamelee which for a first order estimate would be in the range of $100M value (grade and tonnage comparable to CHM) and the Chromite property in RoF. Go figure.

goldhunter