Ann: Merger Presentation, page-292

Your table does not factor in any updated TMT feasibility studies Gollada.
The AVL one may be already out of date after just one year !
The TMT cost studies were made in 2019 - four long years ago . I’ve provided a number of examples of how costs have blown out. Those 2019 estimates could easily have doubled!

Getting good funding to get on with more groundwork and testing before costs go up again - even if full mining does not commence - seems to me to be a smart idea.
AVL has plenty of money to make a start on this ($4om+?) in the next few months and the CEO has said it’s aiming to be mining in 2025
In contrast TMT has whatever is left from it’s $16.3m at the EOFY …. And unlikely to have funds rushing at it waving their money due to both the current environment and current merger proposal.

When you say ‘most of you thought we were at the end of Stage 3 and ready to take off’ you mean in regards the EPA approval for the MTMP?
I’d call that a price bounce point but hardly a reason for ‘take off’ Gollada.?
Still funding to be found and the official go ahead to be announced.
Neither of those are on the horizon right now except via the merger.

I feel the EPA approval could still come soon along with that $1.4m ATO tax rebate.

Your idea it is “blocked for two years” makes no sense to me.
And the statement ‘ both AVL and TMT are struggling on their own’ surely means that to combine is a great idea ?




cheers