Ann: Merger Presentation, page-222

I have found both applications and both at Stage 2.

Knowing how frustrating the EPA has been for TMT.

AVL cannot assume that their applications will be approved by the approving bodies within the next 1-2 years.

With TMT at the finish line expecting enviros stage 3 completion anytime and being approved by the traditional owners how can AVL assume value they don’t have? AVLs value should be their market cap discounted by significant margin. At least TMT has a 1 * binding offtake.

It points to AVL now assuming to fully utilise the TMT from ore to V205 flake product.

How the TMT board recommended the merger is mind blowing….

Th reasons outlined in the merger application for positives for the merger to go ahead are null and void.

TMT should have nearly greater control of the company moving forward. TMT also has the share register room to bring on a strategic JV partner to move the project forward where as AVL do not at all and niether will the merged company without a significant share consolidation.

I have been told the Australian Government want a battery business. So the solution is real easy as follows.

AVL should stop pretending to be a vanadium miner and ask the Australian government for funding to become a VRFB electrolyte producer for say $100 million and be called Australia vanadium electrolyte.

Ian should be in the room with Graham and say I am the vanadium miner called Western Australian Vanadium with the rocks and the people and I require $700 million dollars to secure economical vanadium supply.

Graham and Ian agreed on a bad deal so they should be able to be approach the government together.

The cost of changing both company names is free compared to the merger scenario and both should be realistic about what each company actually have to offer under the scenario.

Each set of shareholders assume zero value of the others company so at least we should start the merger from zero and build up the value mix from the bottom.