The move away from Peake has obviously pushed back timelines and...

The move away from Peake has obviously pushed back timelines and there will be inevitable dilution before any FID/funding. Dependent on how much of the CapEX can be sourced by debt will determine the possibility of any near-term "ten bagging". With the future 'cash cow' of dividends and/or share buybacks I'm quietly confident.

Or perhaps as speculated here recently a takeover offer could produce the same effect. I think it's currently unlikely (perhaps once all the ducks have lined up) but BHP/Twiggy if you're listening we'll take 1 dollar now, or five in 5 years, and ten in 10 (1000 bagger!). But seriously, recent Gov endorsements (and move to net-zero) do give much added confidence in Tivan's future.

Interestingly there may already be some early consolidation moves happening in the nascent Aussie vanadium sector as a reasonably large fundie (RCF) has been slowly accumulating a position in the other great (apart from Speewah) VTM deposit (Ga-banintha near Meekatharra) via purchases in juniors TMT and recently AVL. RCF have a track record of playing the long game.

It's been said for a while Vanadium will be the new Lithium. Although we're probably still a few years out from that, with the growing myriad of uses for this amazing metal (with the standout being LDES via VRFB's) it's clear Australia can capitalise on this with its massive reserves. The planned value-adding by Tivan will be the game-changer, setting up this company's long term future. If you're looking for a serious Vanadium Co, then think TVN...