Technical Insolvency ?, page-16

The boards plans have not changed. They have always been to get to production ASAP and benefit from high Vanadium prices.
So far so good. TMT are only a 4months away from completing a DFS.
PLS, AJM, and GXY where the quick movers when more Lithium was needed. They drilled the resource, went threw a PFS and DFS and then raised money for construction. They are all producing now.
When looking at Vanadium stocks you have TNG with a completed DFS and up to the finance stage. TMT with a almost completed DFS followed by AVL a further 6months behind. TMT and AVL have 1 of the highest grades of Vanadium in the world and TNG have TIVAN which will make them very competive.
The others are way behind and may struggle due to grade, location and cost of construction and time to the market. Not saying all the rest are in this category but some are. Just like some of the Lithium stocks.