Ann: TMT Investor Presentation - March 2019, page-10

There is a huge difference between TMT and Largo Resources. Largo produce a vanadium magnetite concentrate over 3% V2O5, the highest in the world. The vanadium magnetite concentrate which TMT produce is around 1.2% V2O5. Because of that difference alone the economics of the two projects are light years apart. The key to a vanadium deposit is the amount of vanadium which goes into the magnetite concentrate as if the vanadium does not go into the magnetite concentrate then you do not recover it. That is what makes the Largo deposit world class, as they produce the highest concentrate of any project. Very, very different to TNT, which will produce an average grade vanadium magnetite concentrate.