One to watch out for, page-6

can't see a merger happening for a few reasons.

reason 1 TMT management have spent the best part of 7 years proving they have the best half of the resource and 30 years plus of it, so the economic case of adding beyond 30 years is neglible from a shareholder point of view. it won't add any value

reason 2 both orebodys would require different process plant flow sheets anyways due to AVL having heavily weathered orebody. this is why they are both going down different process routes and have different economics. that's fact it's not opinion.

reason 3 permit timing won't align, I believe TMT will be fully approved this year, AVL will not be, again it's irrelevant because both orebodies need different flow sheets anyways.

reasons for a merger?

maybe to increase the liquidity if we were both one entity there's no dispute there's only one place to put your money when it comes to vanadium in Australia, makes it's more bankable on the "idea" of one plant for both deposits.


I think RCF want something to happen but can't see how it works to be honest 60 percent of TMT held by 20 people, top 100 own 80 percent. would not be easy to convince tmt holders to significantly dilute themselves to add 30 years of inferior reserves to our already substantial minelife and a battery sales agent company.