Ann: Bankable Feasibility Study for Australian Vanadium Project, page-44

That DFS from TMT is back in August 2019. While it uses a very similar price for Vanadium Pentoxide, inflationary impact on production costs and the then AUD/USD exchange rate of only 0.70 (the Aussie dollar is now trading around 10% higher, at 76.5c against the greenback) means the NPV for that project will almost certainly be 15-20% lower today than the estimated $1.32B back then.

I'm not sure when TMT is expected to go to production, and there's an argument that it represents better value at this market cap of circa $120m but all in all, I don't see that it is that much more compelling an investment than AVL.