Ann: Prospectus, page-8

Thanks for pointing out where the TMT PFS showed it would be on the cost curve, I'd be interested to see where they are after the DFS and they account for a few more infrastructure items and a more comprehensive process flowsheet (things that AVL included in their PFS).

Whilst being low cost is important I think this is somewhere most investors can blindly get it wrong, they look at lowest cost once producing, not what is required to get there. There are many factors such as time to production, how much funding is required, what the terms of the funding are and the ability for the project to get into production on time/budget etc.

In terms of infrastructure required, capex required to get to cashflow, higher end sale price required over a long period of time, dilution to current holders through funding capex and time to production are all factors heavily in TNO's favour imo compared to TMT/AVL.

Being low cost doesn't count for much when it is going to take years to get there and possibly a very large chunk of dilution.