Ann: TMT - Investor Presentation July 2018, page-28

Now BGS comes out with their PFS. Compared to TMT - its a smaller operation (less CAPEX, less EBITDA)

But roughly similar return on investment. Their market cap is 5 times TMT. Re-rate surely will happen at some point.

Fundamentally - Chinese new rebar standards calling for increased V content to take effect in November. Would imagine this will impact V2O5 prices.... Will the gov't relax their environmental stance on Vanadium production?