Ann: GAS PIPELINE EARLY WORKS AGREEMENT EXECUTED WITH APA, page-58

Again I think the VRFB market costs are a dynamic market and still not 100% known.

Largo has published that the rented vanadium is worth $12.87 per pound in a VRFB with the vanadium still owned by Largo with no degradation of the electrolyte. This is then compared to vanadium at $6 via consumable steel.

Sprott has demonstrated via uranium via a physical trust which is now setting a floor price for uranium. I expect Largo's vanadium physical trust will do the same and then set the floor price for the market for supply into VRFB's. The steel market will be left short and will have to compete making for an explosive market environment with Russian V struggling to hit the market.

Dont take offence but your vanadium experience of a decade is changing fast and is now outdated. As for processing vanadium TNG is low grade for a start hence the high capex and opex on a vanadium only basis.

historical performance is not a reflection of future performance and the vanadium market is going to show us all that. The current vanadium market due to COVID lockdown was getting walked down on low volume. China has been open 1 week and the vanadium price is suddenly green again.

IMO we are going to see a new high on the vanadium market and then a much higher floor through to 2025 until 2 mines can get online. my guess is TMT and the Kazak FAR mine.

Once TMT gets the enviros across the line you will see the swift path to production.

If you asked me if I would rather $500k in TMT or TNG I would say TMT everyday of the week for vanadium.

As for Titanium possible TNG has a edge but I have no interest to research TNG purely based on their capex requirements and Paul Burton.

Investors only have project economics and market forward demand to base our investment thesis's off so unless you can provide some other constructive method I am all ears.

Did I mention RCF could fund the mine of their own : )

Time will tell.

DYOR.