All fair points, worthy of discussion. I'm also incredibly bullish on TMT, but not as much because of the bubble forming around Vanadium on the ASX, but simply put, they're delivered on a very high grade resource that is near to surface, and they haven't missed a beat yet. Specifically though;
- The Battery story is one part that i am less bullish on yet still somewhat bullish given the long term implications for vanadium. I believe the december 17 lithium rush will not be replicated in vanadium, or if it does happen, it won't happen to the same extent for all companies holding any vanadium land. Especially low grade.
- The fluctuating prices for vanadium also worried me at first. But the implications of having a 58% iron ore after only wet mag separation (further beneficiation may push this over the 62% benchmark), a mandatory step to get the vanadium anyway, as well as potentially a saleable TiO2 product, mean that TMT should be able to drive the V2O5 cost well below $4/lb. Not considering any premium over the 98% benchmark for the pentoxide over in china.
- Met results are proven, i am satisfied with the progression the company has made on this front specifically. I have been said alot on this point previously. I refer you to iron ore specifications (easily googled) for interpreting the deleterious Al/Si/LOI content of the ore, and specifically the concentrate - you'll be pleased.
- Native Title/Enviro is all being taken care of (PFS) to be delivered before the (DFS). I have as much knowledge as anyone else on this topic, however, we should see an announcement on it within 6 months. Refer to the table on page 62 of the PFS for info on the timeline of these.
- Financing shouldn't be too hard once these rebar standards bite, but considering the current market conditions (uncertain) i can't say that progress on this front will be seen for at least 3 months. If proven wrong, i'll be damned.
All opinion, however, well-researched opinion. (i like to think)
TMT Price at posting:
59.5¢ Sentiment: Hold Disclosure: Held
