AVL’s Innovation Myth!!!

I dont wish to upset investors as Vince has done lots for vanadium and the VRB.

yet lets examine

AVL’s Innovation Myth!!

I have done a fair bit of homework on this as I am a shareholderin both AVL and TMT.

AVL’s so called innovative processing ( pelletising ) to achievebetter recoveries and therefore betters economics is a myth.

They have to do this as their high LOI/oxidation profilemeans they have to grind the absolute crap out of their ore, producing a finebug dust product which would make it a difficult fit for a standard kiln.

AVL’s cross sections show transported cover of 10-15 metres abovethe high grade zone where as TMT has no cover ( directly into ore from surface)

An LOI % ( good proxy for oxidation ) of very low singledigits or negative is indicative of fresh material, which is what youwant

AVL High Grade Resource - LOI of 3.2%

TMT High Grade Resource-LOI of .1%

AVL Lower Grade Resource-LOI of 7.2%

TMT Lower Grade Resource-LOI of 3.1%

Reason -TMT have excluded a lot of their oxide material from theirresource as they concluded it as highly unlikely to be economicallyrecoverable, which they can afford to do, as they have more fresh rock closerto the surface in their part of the orebody. AVL have included their oxidematerial because they have so much of it

This is why their PFS is being redone and their DFS is so overdueas they search for avenues to accommodate their oxide heavy resource.

To be evenhanded this is also on TMT site for those holders to consider