Also it can't be lost that AVL/TMT were different businesses at...

Also it can't be lost that AVL/TMT were different businesses at that time. TMT did not have a VSUN, nor an electrolyte plant under construction. The 'extra' executives AVL had are a cost of safe and responsible operation.

That said, I do think AVL is taking the mickey a bit. From their own websites and reports, their primary business is mining vanadium from the ground and we aren't there yet. So how ridiculous is that table @Handy777 shared going to look once the last remaining boxes are ticked (EPA, OFS) and we near FID?

AIFC has some guidelines on setting transparent remuneration based on company size and stages of development. I feel AVL has a remuneration spend far ahead of their current business and it's only going to "need" to grow that figure as they grow.