Ann: Corporate Presentation March 2021, page-13

Your number for TMT's capex of US$318 is correct as taken from their DFS,
but they are now working on a staged project by mining their southern tenement
first, and building their CMB circuit to produce an Fe/V concentrate plus a titantium
product. This will lower their initial capex to ~A$160m, probably the lowest capex
of any V new producer in Australia. It should result in much less dilution of their shares,
and an easier path to production. Stage 2 would be mining their northern tenement
for Vanadium.

As I said previously, I think VM8 and TMT are the top two picks on ASX for future
Vanadium producers. For example, the Capex for two of the others is in both cases
>A$500m. Not easy to raise those kind of amounts without significant share dilution.

All IMHO, DYOR