Ann: TMT Delivers robust Gabanintha pre Feasibility Study, page-219

Hey Boro,

I posted the quote not due to incompleteness of TMTs PFS but due to having seen numerous other companies completing their PFS then later having gaps that they had to close off which is unprofessional and taking a hit in their timelines to delivery. This has happened too many times across other stocks for my liking so have called this out.

I would rather TMT professionally, methodically and pragmatically complete our DFS some time in July or August but with a full and complete commercial DFS that we can bank on with no gaps and rework.

I would rather TMT purely focus on our Vanadium production potential with bolt on circuits and other commodity credits for later stages if we decide it is worthwhile due to the Vanadium supply demand imbalance in a couple of years. We will need to exploit this opportunity.

Focussing on other commodity credits creates delays with chemical, engineering, processing complexity with further risks introduced to the project.

I am heavily strategically invested in TMT sitting very high up the T20 lists with my other partners from Quanta Capital backing, so I am going to definitely let management know to ensure we all build significant shareholder value to production or a takeover scenario long term.

I strongly believe our project is world class and MOUs and binding offtakes are inevitable IMO

Early days and TMT management have done an incredible job but lets not rest on our laurels and they must continue to incrementally progress rapidly