I'd probably suggest you are here to stir shit rather than a...

I'd probably suggest you are here to stir shit rather than a have a balanced discussion.

But to entertain a discussion:

1. spin it all you want - your original project was to small and insignificant to ever get the funding it required. You've gone back to the drawing board and can guarantee you your CAPEX will be a lot higher than what you think it will. Fact of the matter is you don't even have a feaso let along getting into engineering, FEED ect ect. Long way behind the 8-ball. AVL at $650m in their BFS from Sept-2021 pricing. Add 40% to that number....TMT aren't far off that in my opinion.
2. I'd suggest some more research into the titanium market and requirements for feedstock. There's a reason feedstock doesn't come from titanomagnetite resources. TNG's CFO Fisher could give you some good insight into poor quality product and difficulty in splitting TiO2 from Fe from his experience at Windimurra vanadium. Very similar to AVL and TMT. ESG ESG ESG!
3. BOOT, pre-production finance, et.al come together at FID. Big BOOT items may not happen at all. USD600m Kfw, AUD400-500m from NAIF/EFA, equity and its pretty close to $2B . Very flippant but our project ticks the boxes: its got scale, its got diversification of revenue, ESG best in class and has probably been engineered far too deeply by SMS in order for them to get comfortable to risk their balance sheet for the guarantees.
4. SMS are an engineering firm not an equity investor. Their lake of investment doesn't concern me and when the time is right I'm certain they'll be there with a strategic positions.
5. I wouldn't expect Largo to amend their primary vanadium extraction. I wouldn't expect anyone would commercialize TIVAN until Peak is running however I maintain it will be the process of choice IF VRFB ever mean multiple vanadium mines need to come online.
6. RCF....any old equity investor. Not overly impressive tbh. I'd prefer a strategic any day. In fact TNG should piss off Gunvor using Russia sanctions to break the offtake and get Glencore in there. If TMT got Glencore I'd be impressed!
7. TIVAN is a process. I'll state again each component of TIVAN has been commercialized at a much larger scale than TNG will us in the TIVAN process. There is no technology risk .... there is flow sheet process risk.
8. PB has just about run out of goodwill. That said, TMT Chairman basically sat on his hands for 5 years in Challenger Energy causing total shareholder value destruction. So much so the ASX suspended it for a good 12 months because it didn't meet the guidelines for an ASX listed company. That's some quality stewardship you've got.
9. On its fundability, it will be interesting to see who gets through NAIF and EFA SAP and into DD first. I've seen quite a few NAIF employees liking TNG linkedin posts which tells me they are deep in TNG. Can't comment on TMT though