Also been topping up. When I need confirmation it makes sense to...

Also been topping up. When I need confirmation it makes sense to do so, I look at Largo's numbers, look out to mid-2021 and see a company with similar earnings capabilities.

The fundamentals for vanadium in the steel market would be sufficient. Add to that the upside potential for VFRBs and it just gets better. Morgan Stanley are using an average 2019 V price of $29/lb and a long term sustainable V price in 2018 dollars of $12/lb beyond 2023. Worth noting is Largo's sensitivity to higher vanadium prices. Every $1/lb equates to cash earnings of circa C$20m.

I am happy to use Largo as a proxy for TMT. They are raising their production to 13,000tpa over the next two years so by the time we are in production (2H 2021) we will have the same tonnage. Their costs may be slightly better than ours; maybe not.

Their mkt cap is oscillating around the C$2bn. Ours is under $30m. When offtake agreements are signed off in the New Year we will start to get recognition. Those that see TMT in the lows 30's through the quiet festive season may be right. Let's hope so!