Ann: Quarterly Activities Report and Appendix 5B Sep 2018, page-9

I've held both TMT and AVL since the start of the year now and have been browsing HotCopper pretty much since then.

While both TMT and AVL have people who like to stir the pot, AVL are definitely more defensive about it.

I don't think you can really tell who will be first to mine yet, or if they will both end up mining at the same time.

I do believe that both TMT and AVL's PFS/Base Cases have holes that need to be completed such as Gas/Power requirements and flow sheets but I'm thinking that's why its a Pre-Feasibility study as its not required to be 100% accurate in costings and materials.

On AVL's side they do have some extra boxes ticked such as environmental studies and I believe native title agreements, which TMT haven't gone into yet that I've seen or remember.

However with TMT's focus on just Vanadium and how far they have come in much less time then AVL.

My opinion is that TMT may get to mining first, though probably not very far ahead of AVL. I also think there is plenty of demand for both

to be very profitable together.

But I'm no environmentalist or geologist so its all just my opinion.