**ANINTHA DEFINITIVE FEASIBILITY STUDY, page-7

Ian - I decided to buy into TMT just based on the numbers for the Ga-banintha
Vanadium mine, and I've ended up with an average of $0.33, not so different
from where we are now. It is my biggest investment in any stock ever, as I was
impressed by the numbers (EBITDA, LOM etc.) compared to the small MC.
I too couldn't believe the MC was so low. The management also look top notch.

Since I bought in, the proposal to start mining Yarrabubba first was announced
by TMT (see investor presentation 2nd Dec 2020), and it's important for new investors
to understand that any revenue made from Y will be additional to Ga-banintha.
It looks like the Y study will be completed in Q3 2021, so I presume they will
then announce how the financials for Y stack up (Fe + V (Fe is platts 65) plus Ti )
Some people on this blog have already done back of envelope calculations on Y.
A key outcome is that the Capex will probably drop to around $160m from $454m
a huge difference. But all up, the proposal to mine Y just makes the financials
for TMT look even better, and the MC even more ridiculously low. I don't think the MC
will stay this low for much longer.

All IMHO, DYOR