Ann: Merger Presentation, page-493

What that also tells me is that significant cost has to be added to the first production capex for AVL because mining is occurring and no revenue from production whilst pre strip operations are occurring. Looks like the payback period needs to be aligned with the mining production schedule and then 7.4 years might work out.....my numbers use the average production and costs which can look misleading to be fair having another think about it.

TMTs Yarrabubba starts at near surface so TMT has minimal stripping when mining starts I believe, so the average production numbers work out from the get go. Even the GVP northern pit has less stripping. I remember a comment from a video a long time ago that to the south into AVLs orebody gets deeper hence why their production opex is significantly higher than TMTs.

Another big tick for TMT.

I still don't believe there is one good reason for the merger in its current form. The TMT board have clearly thrown TMT value for shareholders under the bus, funding carrot or no funding carrot.

RCF and AVL thinking they are going to pull the wool over TMT shareholders eyes is going to be wishful thinking.