TMT & AVL comparison, page-95

Project Economics based on Spot Pricing. The FeTI Co product has to be included for opex however further testwork is required under AVL's BFS to a generated saleable co product. I cant see how AVL arrived at a $2.40 opex reduction without test work and an independent analysis like TMT did.



Updated Parameters Based on the AVL BFS and the charts look terrible.

I currently have AVL valued at 18 cents per share vs current vanadium spot prices as per NPV / share.

TMT charts are as follows:




I think the numbers speak for themselves.

Once the TMT integration study lands these numbers will be updated but I don't expect to go backwards like AVL did.

This is based on a comparison first 10 years of the mine life.

This is my own research and calculations

All calculations have proven released test work by each company.

All Opex calculations are based on C3 all in cash costs.