Your thesis goes out the window if the vanadium market is tight and settles above $8 - $9 per pound which it is currently doing.
You have picked a moment in time at the bottom of the vanadium cycle.
The forward demand for vanadium is mind blowing and the market can move price very quickly.
Watch and learn my friend you about to get a lesson in "dynamic" economics.
TMT is building a project with demand outstripping supply for Vanadium. Any titanium revenue is a bonus.
no doubt there will be an increase and opex but TMT which govern the new producer costs which the market desperately needs.
AVL has higher opex due to weathering and oxidisation. You cleary dont understand vanadium.
TMT has the best ore body economics out of anyone in Australia.
DYOR
Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-50
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