Ann: VR8 Appoints Corporate Advisor, page-5

Of the current ASX listed Vanadium developers that plan to produce around 10,000-13000 tpa of V2O5 (that I am aware of), VR8 currently has the lowest market cap ($35m), then double that for TMT (now ~$70m), and double that again for AVL (now ~$140m). So it would be quite realistic to expect VR8 might double its SP in the next 9 months to reach a comparable valuation with say TMT. It's hard to say which developer might get into production first. My guess would be VR8 and TMT at roughly the same time, because they are most advanced with their environmental approvals, and seem to be at roughly the same stage of plant planning/developlment.

All IMHO, DYOR