TMT Bankable Model

Hi TMTers,

Just thought I would post the real investment case for TMT which I think sets the scene for the much anticipated Bankable model.

The vanadium and titanium markets are going nicely and prices are more inline with all our expectations.

I have re plugged the numbers into my model for what I expect the bankable model to look like.

Capex $600 million AUD (Conservative Estimate as published)
Opex $6.50 C3 (includes everything interest etc.) C1 would land around the $5 mark (Conservative Estimate)
V205 99.5 %V205 price $12.00 (99.5% is $2 than the published 98% price which is at $10.)
Illmenite Concentrate at $350 (Current market price is over $400 per tonne)
Integration study average V205 Tonnes 12,500 per year (should increase with updated mining reserve)
Ilmenite tonnes as above 96,500 (should increase with updated mining reserve)

Numbers as shown will show TMT Net Present Value per share
Capex Payback in years
Project Free Cash Flow




Thats the real investment case above.


TMT is in a fantastic position and the project is good to go pending the approvals.

I would call the above a fair look at what is realistic.

DYOR.

(Disclosure this is my own work and estimate based on the info released in announcements to date