Ann: AVL Secures Vanadium Electrolyte Manufacturing Technology, page-27

so DFS 2 years ago:

- it’s not good practise to ask for $350 million when there is no profit margin at a spot price of $5-6 per pound. At $9-$10 it’s a totally different story.

OPEX price:

the V price is getting further from the OPEX price. What you meant to say was the V price is getting closer to the forecast average V price used in the TMT DFS study. The 2 terms are totally different. Both TMT and AVL will attract a premium over the listed V205 98% spot price on vanadium price.com.

AVL BFS:

YRR and AVL have had a major head start on all fronts yet TMT beat AVL to the study post. The BFS was due in June so what’s the excuse?

in summary you don’t have a leg to stand on.

As for a vanadium peer for healthy comparison

I am keen to see the numbers as much as AVL holders.

firstly Vince has not proven the iron and titanium products and applied accurate credits as of yet in the updated PFS. The economics of both projects have changed. AVL is processing to 99.94% where TMT is 99.5% V205. AVL is asking for $400 million upfront and TMT is staging their development $160m for Yarrabubba and $200m for GVP.

the only comparison will be NPV, IRR and the overall payback period of the project.

good luck to all