Results a little below expectations, focus on refinancing with potential cost cutting H1 23 results were slightly below our forecasts on lower realisations, partially offset by lower admin costs. Lower vanadium realisations drove revenues 5% below our forecast and EBITDA 3% below (EBITDA margins were broadly in-line with our forecast). Falling vanadium prices resulted in H1 realised prices of US$37.4/kg compared with costs per unit sold (including sustaining capital) of US$33.4.kg and vanadium p ....