road to DFS, page-56

Clearly now the next Vanadium mine.

Short term I think we've been struggling to emerge from AVL's shadow, been priced at a discount since we listed and it takes quite some doing to debunk that wider market view that we have 1/3 less resource and will reach the market second.

We can say that's been put to bed now. AVL have not commenced their DFS. They're doing a budget and have funding to start it but not to finish. They do not offer a completion date. They've drilled the cr@p out of Gabanintha for years and now talking about more drilling to expand and improve their mineral resources. Page 15 of their PFS announcement is a trainwreck.

DFS not budgeted, that's just bad management. In a complex process with many interdependent steps you need to carefully plan and often start the next task before you finish the previous. No budget? Amateur. Sorry to sound to bash the bros but they've brought it on themselves. Final rant.

TMT on the other hand have put every cent raised towards progressing this far this quickly. It's very hard to argue we are not now clearly in front on a timeline basis. We have a timeline for a start... and have this knack of hitting deadlines which takes careful planning and an unbelievable amount of talent to coordinate.

Only 2/3 of the resource, possibly... but the pick of the strike in a grade at all costs game. Our resource announcement next month is going to have an impact. The resource size argument will be off the table and we'll be talking about mine life and average EBITDA ($236 v $186).

The AVL option debacle is nearly over and plenty of people have been burnt, including myself. New V money will start coming into the sector when the commodity price turns and there is now genuinely only one place for it to go.