honestly mate I'm all for discussion and take no offense to...

honestly mate I'm all for discussion and take no offense to your post you have a lot of valid points agree TMT couldn't get finance in 2020 without
significant dilution and didn't have the permitting anyway so it would of been impossible to get finance done. you
do remember something significant happened
in 2020 and it was called COVID, Market was completey risk off I doubt many projects achieved funding that year. In the meantime they found thier satellite deposit was even lower opex had better recoveries and they can get titanium
product out of it with simple gravity separation so minimal
capex and opex to get the titanium extracted


I'm not SAYING boot doesn't make sense! of course it does but what I'm saying is show me an annoucment were
your titanium offtaker or anyone is offering to build the titanium plant? it's not part of TIVAN so it won't be SMS. isn't it better to be conservative and assume TNG will have to fund the full project!, $550 mill for the TItanium plant is highly likely what TMTs total capex will be post inflation!

proof is in the pudding the last Vanadium mine to be financed in the last decade was largo very similar grades and the same process route TMT are using so it's proven at scale, Largo are going into titanium production? noticed they haven't called TNG to
ask about TIVAN? no one cares about TIVAN not even SMS. they have invested 1m to date! honestly do you not think that's a bit of a joke??

TMT has RCF fund who took 18 percent holding they have a track record of financing mines, they along with Aus super raised the equity at 37 cents a share for PLS to buy AJM and held 7 percent of PLS at one point.

agree about the vanadium market it's very very tough to crack and pricing is very opaque! I personally think it will be a challenge for tmt to be funded but they have the best chance IMO.

TNGs TIVAN process is unproven at the end of the day NOONE in the world has commercialised it before at scale.

gonna be very interesting 12 months ahead but honestly management make a huge difference and TMTs is
top class and TNGs is prob one of the worst I have seen. can't trust one word that comes out of PBs mouth

we will have to reflect at a later date and see how it all pans out and hopefully we both get over the line but I honestly believe TNG is the least likely. sell and run is my advice