Whilst the Vanadium sector has been hot, clearly TNO hasn't received the same amount of love recently.
I've done a very simple graph since the Vanadium acquisition with 2 peers (AVL & TMT)
View attachment 1254137
I get that TMT have a largely positive PFS, AVL are located next door with a PFS due soon (so are more de-risked), whilst at this stage TNO only has a foreign resource defined. But these whole rock and concentrate grades compare very, very favourably. Plus we know that there are other producers and developers with very similar if not the same mineralogy (and therefore mets) that are currently making, or soon to be making, very nice profits from these types of deposits in South Africa. Not to mention the very strong potential for grades much higher in the newer zones (2%+) that will likely have a drill rod put through them very soon to test and hopefully confirm.
So I think based on the graph above, especially the past 6 weeks, it is clear that the money hasn't been placed proportionately. You could conclude that either or both AVL and TMT have received more than their fair share and TNO less than. IMO AVL and TMT have deserved everything and even more, this shows that TNO has a long way to go to catch up.
No wonder Bill (managing director) and Patrick (director), have purchased $65k between them very recently. With the voting down of those options in the recent general meeting, that is also about 15% dilution avoided. Volume has dropped off the past 8 days, could be primed for a run off a very solid base that has formed.
