TGN and SEI, page-15

TGN pays $15m for VML.

VML might be permit ready but it's highly likely not to be commercial due to speckled deposit. That's why VML sold it. It doesn't have power or roads and has many Gulf rivers to cross. Estimated capex $100m and never taken a commercial ton of tungsten from it.

SEI has same existing deposit (with more drilling to come), half the capex & a proven mine.

Would suggest SEI is worth much more than $15m plus some lithium & quarry. Might get a re-rate off this transaction.