Ann: EXCEPTIONAL WIDTHS AND GRADES FROM MAIDEN DRILLING PROGRAM, page-19

I disagree. I was out on open this morning. It is obvious now that they will be able to generate a JORC resource of 30Mt and it is coming in the next 4-6 weeks. That means effectively we know their are 60m SOI. Doesn't matter if they are tradeable or not. Gives an effective MC of $20m, same as AVL.

AVL have a battery business, an electrolyte pilot plan, a good resource, working on DFS (6-12 months ahead of TMT) and they have a potential lithium deposit.

TMT can't command the same MC as that (unless AVL is really undervalued). Was good gains in this from shell status but at 20m MC it is trading at fair value for what they have and it's stage of progression