Ann: Vanadium Electrolyte Study to Supply Australian Batteries, page-24

If I had to judge AVL and TMT solely based on management quality, TMT wins hands down. If you've followed the progress of both for the last couple of years, how could you disagree?

Second, and probably more importantly, TMT can make a genuinely attractive financial case to pull their resource out of the ground and make shareholders a lot of money. AVL struggles to do that, hence the need for their integrated downstream strategy.

I think TMT is the stand out. I wish the best of luck to both companies' holders