From a $$ in-ground value and a $$ potential revenue...

From a $$ in-ground value and a $$ potential revenue post-processing TMT stacks up nicely against Lithium producers.

PLS (very roughly) - similar sized resource 130mt @ 1.3% grade. Processed to 6%-7% concentrate. costs $250t for $USD900t revenue. Ratio = $1 cost : $3.5 revenue

TMT - 120mt @ 0.9% grade. Processed to 99% purity. $4.27 costs for $USD13 revenue. Ratio $1: $3

PLS certainty of costs/revenue is far superior to TMT and is better located logistically.

TMT may not have factored in costs of infrastructure & logistics yet. But also hasn't factored in the other product potential.

In summary - even though early days and very rough and probably wrong - it looks like a resource size and grade that can become an economically viable mine for a dirt cheap $25m mc assuming Vanadium prices remain buoyant.