Serious question re/ AVL and TMT, page-5

AVL has more than 20 years of supply already, they don't need TMT's ground.

The only way there will ever be a shared plant will be if somebody buys out AVL then acquires the TMT deposit as a long term feed supply imo.

There is nothing in it for AVL, only TMT and whoever eventually takes over AVL.

Right now it is in AVL's interest to have first mover advantage, which will in turn help TMT.

The advantage to TMT or a potential large buyer of both projects is the current studies that have been undertaken over the last two years in order to get AVL close to a PFS won't need to be repeated if both projects are eventually combined.

There's a long, costly road ahead for TMT if AVL reject any future t/o offers, but there's no disadvantage to AVL as they have already traversed the long and ponderously slow road of red tape and are very close to the rewards for doing so. Timing is everything and being ready to talk to the Chinese just as the PFS is completed means AVL is a long way ahead.

I haven't always agreed with management on some issues eg the Blesberg deal, but I think they are doing a very good job on the vanadium front.

I certainly don't want any further dilution just so we can hold more vanadium ground when we still have more of our own land to prove up.

Let a potential predator with deep pockets look at combining both projects. I think this will be a real possibility down the track