Agree. Primary Vanadium mines are the answer. The market is not...

Agree. Primary Vanadium mines are the answer. The market is not huge, so risks are the supply from new primary Vanadium producers could bring down the price. This obviously will occur, but i believe there has been a structural shift in the market which means some mines will come on and be viable despite higher costs. So prices are likely to stay higher than previously even after supply catches up.
However, there are a couple of points that make TMT stand out:
- Low grade Vanadium mines require a huge CAPEX. There are several prospective companies with low grade deposits (< 0.5%). IMO they have little to no chance of getting off the ground. TMT is one of the highest grade deposits in the world.
- At $4-5 cost, TMT sits near the bottom of the cost curve, which insulates it somewhat from Vanadium price drops. Pit wall adjustments may further lower the strip ratio and opex.
Management see the opportunity of being early to mine. Striking while the iron is hot is key.