Regarding TMT, have a look at the TNG IM for Mt. Peake...

Regarding TMT, have a look at the TNG IM for Mt. Peake

http://www.tngltd.com.au/images/4-mount_peake_information_memorandum.pdf

Syrah and Largo have some of the highest grade and lowest strip ratio vanadium (as highlighted in the recent TMT preso) however Syrah not looking to bring the vanadium production online until graphite is producing revenue and Largo currently producing in Brazil.

TNG's TIVAN production costs for a pound of vanadium pentoxide will be $2.50, with Largo the next best currently producing at around $3.50/lb, downing from about $4.50/lb at start up.

TNG has a lesser grade resource compared to SYR, Largo and AVL (and likely TMT) however it has a technology (TIVAN) being backed by the German’s (SMS) which will result in TNG holding all the cards in this space, being the lowest cost producer globally with a technology that extracts, refines and produces three high value products from the one resource.

1. Vanadium pentoxide capable of producing vanadium electrolyte at a minimum 99.5% purity
2. Titanium dioxide being refined to pigment grade
3. Low grade Fe to Pig Iron

Have a look at the concentrate to refinery extract numbers in the IM.

Although some are getting excited on some of these up and coming vanadium plays, other resources won’t be economic and if they want to be economic, they’ll have to license TIVAN. The general consensus in the 6 years I've followed vanadium has been in order for vanadium redox batteries to become common place, the costs of producing vanadium and electrolyte has to reduce considerably. What TNG are seeking finance for achieves this and will be a continuing catalyst to vanadium reaching full potential in its application in grid battery storage.

TNG is probably too big a market cap for you guys to look at now but the next 3 months are expected to have significant information flow towards financing so you should keep an eye on it. TNG securing financing will be the catalyst for AVL, TMT and KRC getting the 'coat tail' run up like graphite and lithium experienced of SYR and PLS.

If you suggested buying TMT at $0.20 on drilling or TNG on $0.165 on finance for a $5B NPV project, I'd think TNG has much more upside given how advanced it is. I say this though as a heavy supporter of TNG though.

I look forward to drill results for TMT although I suspect we already know they'll hit good grade similar to AVL with limited upside in SP appreciation.