lets put this valuation in perspective

while we are sending our bulk sample magnetic concentrate for pilot scale roasting kiln test work in the US, one of the last stages of derisking our project less than 3 months out from a DFS we are sitting at a 16m Market cap. This is for a project that's the highest grade greenfield project on the globe. HIGH GRADE COMPONENT 70Mt of 1.1 percent % V which can be extracted using conventional proven extraction methods in one of the best mining jurisdictions in the world.

THIS IS HOW BACKWARDS THE MARKET IS

PCY prophecy development corp with a contained NI 43-101 compliant combined measured and indicated resource of 22.95 million tons at 0.286% V2O5 with an opex of $6.30 a pound from their Pre economic assessment and an NPV of 338 million at 15 dollars a pound V has a market cap of 22.4 million A 35 PERCENT PREMIUM To TMT! also to add, this will be using an unproven extraction method and isn't your conventional vanideferous titanomagnetite deposit

https://www.prophecydev.com/PCY_2019-02-25th_Corp_Presentation-Final.pdf

FVAN.V located in Nevada, is at PRE PFS stage with PFS due in Dec 19, so a full 18 months behind TMT, indicated resource of 25Mt at %0.6V, still drilling out their resource and still working on their mettalurgy flow sheet. this is a different type of V deposit to your conventional Vanideferous titanomagnetite so again it has many processing risks attached and we know how expensive DFS studies are so plenty of dilution ahead. its market cap is 25 million a 50 percent premium to TMT.
https://www.firstvanadium.com/images/Presentation/2019/abr/April_2019_Fact_Sheet.pdf


TNO. its working on a SS for DSO, prob 18 months from a DFS,giving vendors shares at each milestone for 75 percent interest in the project. by the time they get to DFS they give the vendors 35 million shares (pre 1-5 share split) so in todays figues that's 175 million shares for no financial gain..
Current Shares 193,587,086 so adding 175 million is significant.
its almost going to be double the market cap based on free vendor shares alone. let alone the heavy dilution for DFS funding... plus its in SA. ESKOM are struggling to keep the lights on over there ATM. their resource is impressive 170Mt of 1.07% V, but again many risks and at least 18 months behind TMT. don't quote me exactly on this but their market cap come DFS would have to be at least 35 million with vendor shares , that's not counting any dilution for DFS cap raise, so lets issue vendor shares for a DFS so we can compare directly to TMT and their trading at least 120 percent premium to TMT and im being kind its prob more then that.
https://tandoresources.com.au/sites/default/files/asx-announcements/6918857.pdf

AVL we all know well, great deposit obviously, high grade zone of 100Mt of 1 percent, so larger but slightly lower grade, TMT'S minelife now about the same since our resource upgrade even though we are going to be outputting 30 percent more V PER year, I expect their resource to grow though , I think their about 6 months behind, no final product samples produced or dispatched to end users yet, no formal submission of any paperwork to western Australia EPA (TMT have submitted documents), they do have an MOU though which is something TMT don't have(or that we know of), they also 2.2 billion shares they are trading at almost a 160 percent premium to TMT with a current market cap of 41 million.


KRR, just completed a scoping study with a 2.5 billion capex bill, they have thrown that out the window and are experimenting with new extraction techniques to reduce capex. huge resource, low grade of 0.3 percent, no opex figures so its an absolute punt. they are trying to extract multiple minerals so that sais enough about how confident they are on Vanadium opex.. that's right they have thrown the last scoping study out and guessing there opex is an absolute punt! they are prob 2 years from a DFS once they settle on an extraction process and guess what they are trading at a 70 percent premium to TMT with a MC of 27 million that's for a pure punt


Besides AVL ,all of the ABOVE are significantly behind TMT on the timeline with significant dilution before they even get to DFS, let alone the cost of time which far outweighs the dilution IMO, this window of opportunity is going tight and we will be first inline, to add to that they are all inferior deposits with TMT being the highest grade. we should be valuation yardstick for our peers. they should be trading at significant discounts to TMT.

either the market has got this so wrong and we are significantly undervalued and this is an absolute gift of an opportunity or im an idiot and every one of our peers should be trading at a fraction of the MCs they are at today.