The thing about TIVAN and perhaps more generally any developmenral matalurgical application (from my experience with TNG) is that it has extended the various stages on the way. TNG was able to put out a robust DFS in 2015 but needed to "do it again" in 2017 , then started 12 months of KfW DD before they would go on record with the finance mandate just signed and commencing 15 January 2019.
My sence is that the stages have been extended due to the need to prove up everything along the way as against a traditionally known exploration project with proven methodology.
The question for me is with finance looking reasonably cirtain and with the commodity market looking strong medium term when will other lanquishing Titanomagnetite projects (struggling to find a commercial way forward) jump on the train. Then i guess what value do you ascribe to the IP itself and what effect will this have on the SP. From what i see the graph takes no account of an exploration company that also owns ground breaking metallurgical technology.
In my mind and having had skin in TNG since 2012 (so iv experienced some of the troughs and peeks) TIVAN is well proven and with SMS and KfW on board finance is reasonably asured. I simply cant understand why in this climate other suitable Titanomagnetite Projects arnt jumping on board.
