Ann: Letter of Intent for Iron Titanium Co-product Offtake Sales, page-50

Sorry, I actually had things that I needed to do yesterday(and I'm certainly not a financial advisor as you mentioned). OK here you go, and how about we just put each other on ignore and agree to disagree from now on. These are all my opinions obviously, from many years of following both companies and speaking to plenty of people in the industry.

• I like the company with 3 times the amount of vanadium under the ground. DYOR and follow the seam.
• I like the company who's knowledge on vanadium is the best on the planet. I'll give them that. Look at the boards they sit on.
• I like the company who's DFS/BFS will stand up when looking for $$. It's like a thesaurus vs a coloring book . Ask any funder. TMT's DFS released 21/8/2019!! 3 years in August huh
• I like the company who doesn't have a single large share holder behind the scenes. Hint, look at option dates and DFS release. Coincidence??

There are at least 10 more I can think of as I type this but no doubt you've done the same due diligence as I have (and you only asked for the first 4 that came to mind) so I'll leave it there. Plus I'm not 100% set in my AVL position just yet (buy or sell???). While we wait, why don't you tell the board about location and access to infrastructure of the two companies and the government involvement. One would presume that AVL is far behind TMT with the BFS only just being released compared to TMT's 3 year old one.

Don't get me wrong, I can also list 4 things I like about TMT over AVL. The problem is that none of them would make me feel safe investing. I'd only invest at a price I think is about half of what someone would buy them out for. But that's a whole other conversation that I'm not going to have on here