Ann: **anintha Global Resource grows to 119.9 MT at 0.8 V2O5, page-72

AVL has 1.9b shares on issue at 0.038 today for fully diluted market cap of $72.2M
TMT has 60.1m shares on issue at 0.39 today for fully diluted market cap of $23.4M

AVL deposit is 10.2Mt @ 1.06% measured, 25.4Mt @ 0.62% indicated, 144.1Mt @ 0.75% inferred to give approx 1.35Mt contained V2o5

TMT deposit is 55Mt @ 1.1% plus 64.9 Mt @ 0.6% for 99.4Mt contained V2o5

You can see straight away that if TMT drills up the 1.1% to measured that you will have a much larger high grade resource which is more economic.

Regardless TMT deposit is roughly 74% the size of AVL.

On AVL at 0.038 share price this would put TMT at $53.3m market cap by comparison

This is 89c a share for TMT.

They are the same deposit so this comparison however rough is fair.

I would add bonus credits to TMT for higher grade giving better economics, also higher cutoff for resource definition and AVL credits for having defined their resource better. Both valuations would go up from a merger due to synergies.

Lots of upside here.