One needs to read the AVL ASX release fully. AVL would only...

One needs to read the AVL ASX release fully. AVL would only produce a Cobalt Concentrate not the expensive and very sought after  Cobalt Sulphate : to my knowledge the concentrate would roughly fetch 1/3 of the US$ 91k/ ton  world price of Cobalt metal.  Still a  very nice side income without  incurring expensive leaching etc...
But further on p.3 AVL mentions that they would only get 14% of the income as all rights to Nickel, copper, gold ( and i assume Cobalt ) from production are held by Bryah Res. and AVL has 14% stake in Bryah.
My questions is: does TMT also hold the rights to Cobalt, Nickel and Copper ?

Beside this I am not very clear about  the grades mentioned by AVL : usually grades for Nickel and Cobalt are given at the ore stage not after flotation. In Australia it is usually 0.1 to 0.2% for laterite ore projects on a commercial basis and around 0.1% for Sulphide.  The  biggest Copper Cobalt mine in DRC owned by Glencore has a "fantastic" grade 0.5% Cobalt. So AVL's  grade of 1.5 to 2% seems out of this world but again it is after flotation and on a sample basis.
To my knowledge the only Co sulphide project in Australia which has managed to get grades close to DRC levels is COB. Via a simple and low cost gravity separation the grade moves from 0.08+ to a 0.45% concentrate ( before  flotation and further processing into Cobalt Sulphate) but this is still nowhere close to AVL 1.5 to 2%. I do not know if AVL /TMT Sulphide ores would allow this  process to be performed  before flotation but it may be worth a try. If successful it could save AVL/TMT a bundle of money by allowing a much reduced qty of ore to go through the flotation process ( as a result COB only need to process 20% of the mined ore). It has already done tests for a neighbour.
Maybe  investors are slow to react but as of now AVL SP has only raised by 2.4% upon the news. It is possible they understand the details of the AVL grades better than I do because a true 2% Co should have sent the SP through the roof.