For its worth, my opinion re TNG: * The 2015 DFS indicated...

For its worth, my opinion re TNG:
* The 2015 DFS indicated potential for average production of 17ktpa of V2O5, 223ktpa of TiO2 and 602tpa of pig iron over the 15 year Life of Mine (LoM). Resource likely to be significantly expanded with Eastern prospect.
* NPV $4.9B, IRR 41%.
* Capex is very high ($970M), due predominantly to construction of TiVAN processing plant ~$650M of the total ~$1B
* However, TiVAN is a proprietary patented technology that will likely be licensed to other V/Ti/Fe producers and be a nice earner for the Co going forward ($$ not factored into any report valuations)
* Possible (likely!) access to funds from the $5B Northern Australia Infrastructure Fund to help with road/rail etc
* MOUs with some huge players (Korean/German/??) in offtake, construction, poss finance.
* Specifically regarding the Vanadium, we have locked down 60% offtake with Woojin. Tey apparently wanted 100% , but we have signed a non-binding MOU with a currently unnamed Vanadium flow battery producer. Thought it'd be Gildemeister, but they look like they are in bed with AVL.

And if we like tasty report valuations, see recent VSA Capital Report ($0.73) and the epic Hardman and Co report from December ("once financed and permitted, the project supports a Fair Market Value for 100% of the project, not including tax or interest, of A$4.63/sh on a fully diluted issue of 723m shares".....a cracking read all round). Lots of assumptions, but tasty nonetheless!

IMO this project is massively derisked already and rally just waiting for the finance pieces to fall into place. I acknowledge that I am well in on this Co. and completely smitten with the project, but from all my research it seems like an absolute no brainer and massively under-valued at the moment. If/when finance is locked down, and of course depending on the terms (dilution etc), I think TNG is going to go bonkers.

When you compare the numbers with PLS PFS (for example), i think TNG is definitely worth a look, especially at 1/3 the SP.

Anyway, good luck to all in finding the "next big thing".