AVL Chart, page-2848

"I am pointing out the fact that they can't engage potential offtakers until their PFS was out .... which it now is. Vincent said it himself. It's common knowledge."

It seems AJM did not get this memo. AJM had a LOI backed up by a placement from an eventual off-take partner nearly 2 months prior to release of a full PFS. Imo, a LOI and an investment trumps an MOU all day.

As you and others have noted, there was little change between the base and full PFS.

I argued the point on Twitter with MasterMines.

Imo, it seems Vince/MM are making excuses for non-performance. I said at the time on HC and Twitter 20m shares for this consulting work was extremely generous. More so when it was not performance related nor held in escrow. Poorly negotiated. For those who say, MM had expenses etc. AVL should have covered their travel expenses on the basis the performance shares are reduced. MM had zero at risk in this deal.

For those who are saying AVL is not funded to DFS; I say, imo, you are wrong.
1. As at last Q. AVL had $4.5m
2. $1.1m was forecast expenses this Q which included $600k exploration/evaluation
3. 3B's released this Q indicated about $2.6m has been raised via oppie conversion (about 130m+).

Having 220m oppies outstanding is good for SH's; less dilution.

Imo, AVL is well-funded through all 2019 including DFS. If any disagrees, all good. Put up your numbers.

PS: On a EV/JORC basis, TMT and AVL are very similar, adjusting for SOI with Escrow/in the money oppies/cash raised.