Yes, I've been searching for that cold shower too. We all need...

Yes, I've been searching for that cold shower too. We all need to sober up on a regular basis?

So the TMT hot tap is gushing.

While all I can get out of the cold tap is a bit of a dribble.

But let me stick my face into the trickle.

OK, Vanadium projects are appearing all over the place. Could the market go into oversupply?

Could I be wrong that TMT's resource is so competitive, it will get off the ground while most others won't?

So, does V face mid to long term oversupply, especially if (in power storage, or re-bar, or specialist metals, or whatever) technology moves on and/or cheaper substitutes are found?

OK, due to re-bar legislation in China, short-term supply-demand will be very tight = v high prices.

So will the Dragon encourage Vanadium oversupply, then manoeuvre to dominate the buyers market, driving down Vanadium prices to bare producer survival level?

And then if widespread use of V big batteries turns out to be generally uneconomic, and western Governments no longer see votes or donor money coming from green-power subsidies?

Bottom line, my view is that re-bar is bread and butter enough for TMT. Demand growth is legislated in. Power storage will be a bonus.

TMT will be amongst the most cost competitive suppliers, and therefore all the expensive potential oversupply will drop away.

What is striking about TMT's SP, ranked against peers, it that it is extraordinarily good value. It could near triple today and still look reasonable.

So am I wrong to feel this is related to TMT being so tightly held, that trading is too thin, and there's no mob of sheep effect to push the share to prominence, but that will be corrected before too long? Or is the current SP actually fair value for reason unknown to me?

I've looked at the NPV of the project - it is breathtakingly good compared to the current MC.

I've looked at future demand projections, and future supply projects, and see TMT as a sector winner.

The hot tap wins, no doubt about that. Scalding.