i am in, moved my money from JRV to TMT, page-9

TNG low (0.37%) grade which I don't love despite their TIVAN advances. $853m capex with 3 year payback, higher BE, using US$22/Kg sale price in feaso where I use $20 in my vals...

Of the two HG options it comes down to relative valuation and near term expectations for me... AVL double TMT MC/t Vanadium. TMT also waiting on resource upgrade and metallurgy due any week / day now.

Happy to hold both and taking the view both will proceed allows some arbitrage as the two SP's surge and stall towards production.