Ann: TNO to Acquire High Grade Vanadium Project, page-34

Current SOI is 35.5 million.

Further shares will be issued aftyer milestones like the PFS and DFS. this would occur when more value is unlocked in the company and hence a higher share price. to include a PFS and DFS issuance now is somewhat jumping the gun.

Just to compare AVL and TMT and this is no knock against them all


AVL
179.6mt @ .75%
Cash on hand $3 mil

TMT
119.9mt @.8%
Cash on hand $4 mil

Compared to

TNO
513mt @.78%
Cash on hand $5.5mil

It's a big difference in terms of size making TNO globally significant and being able to leverage off in country experience from Bushveld.