TA charting analysis, page-212

Because the main influence on SP is dilution... which at this point is a guess, my model is really simple.

I'm currently working with a downside case of 400m SOI all done and dusted. $300m raised at $1 and $100m debt. $1 is an absolute steal (400% return) for an offtake partner and new equity holders in a heavily de-risked project.

$236m+ EBITDA at $13 over 25+ years should allow say $1.6b market cap to be reached in late 2022 (best case timing). Leverage to V2O5 price is significant with opex near $4. $500m EBITDA in the early years before others hit the market is a genuine possibility but I doubt the market cap will ever really reflect TMT's profitability.

$1600/400 = $4. This is my current low ball estimate.

Upside is 50% dilution only = 200m SOI. $3 a share buy in for a 266% return (of $8) still represents outstanding value for the end user who will essentially set the issue price.

I'm probably overly ambitious with most things in life so feel free to peg me back.

That said, I'm happy that dilution of 2-4 x at DFS numbers will give an EPS 59 to 118c. MC can do what it likes, this is just an income play.

All just my rough guesswork and subject to selling what we have in the ground.