Ann: Merger Presentation, page-501

I'd say take the cash, if you get the chance. They are going to merge one company (AVL) that seems to have a project stalled, no real progress since their BFS, with this company (TMT) that seems to specialise in doing "integration studies" of various descriptions that never get taken to a complete "DFS" standard, at least not in recent years. Their last DFS was 2019. So you're combining two sets of management that never seem to deliver to the point where their projects might get financing and actually proceed. I think many will be watching this saga from the sidelines, at least over the next 12-18 months, to see what happens. It wouldn't surprise me if RCF are hoping to see the V prices spike up, then try and sell out for a small profit.

All IMHO, DYOR