Short Term Trading Weekend Lounge: 7 -9 Apr, page-125

Vanadium - Largo with the highest grade V is still not profitable yet at these prices. What TNG has is TIVAN. An extraction process that gives you 3 high purity metals. Pig iron, Vanadium and Titanium.
When comparing TMT, AVL, KRC and other Vanadium companies against TNG you need to get the facts correct. They will all require a higher price to be profitable or TNG's TIVAN.
You can't say TMT, KRC etc should have a market cap of $120m the same as TNG because they have a higher grade resource.

Just my 2 cents

I do hold TNG and AVL and keep my eye on the others as I do think the future of V is bright.