Definitely some catching up to do.. AVL have a fully diluted EV...

Definitely some catching up to do.. AVL have a fully diluted EV around 125% higher.

TMT; $27.9m at 43¢

AVL; $63.3m at 3.5¢

Fair value in the current market we should be sitting around a $45m EV which equates to a 60¢ SP. With some positive news and investors accepting the vanadium market we might hit some of the research report targets.

This estimate is sitting very shy of the last research report giving us a risked SP valuation of $1.13- 1.84 (this also taking further dilution into place (published 18/10/18 prior to the latest CR).


https://www.tmtlimited.com.au/sites...h_reports/181023_TMT_Update_Aust_Research.pdf