EPA update, page-23

After this latest EPA update, there would have to be a very real possibility now that any merger with AVL would actually lead to an overall destruction of value and lost opportunity, if AVL decided to try modify the current EPA application of TMT, to bend it to their own ideas, which would mean it gets sent back to an earlier stage in the EPA process. The application is very clear, it stipluates very strict limits on the mining products to be produced (below), and it stipulates where the processing plant must be sited (Ga_banintha). TMT have proposed to produce 12,500tpa V2O5, (but up to 14,400tpa is allowed, = 15% more). Having a bigger ore body would bring no benefit, just a longer LOM. If any merger happens, the profits from this would then have to get diluted across all shareholders. At 42% equity (merger), that would be a big loss in potential earnings per share for TMT holders. TMT already have this asset 100% owned, so why agree to a merger ?

CMS17518 - s. 43A Notice - 080722.pdf (PDF, 873.37 KB)
"Up to 14,400 tonnes of fused vanadium pentoxide (V2O5) per annum (or equivalent vanadium units as Ferro Vanadium (FeV80 or other
FeV products)).
Up to 400,000 t per annum of titanium concentrate.
Up to 50,000 t per annum of base metal concentrate.
Up to 2 Mt per annum of Iron Vanadium Concentrate."

All IMHO, DYOR