Ann: Scheme Booklet registered with ASIC, page-49

It is unclear how long the EPA would take to assess an ERD for Yarrabubba and grant approval. As ore from Yarrabubba forms the majority of ore feed to TMT’s processing plant over the first eight years of production, the absence of EPA approval for Yarrabubba is likely to adversely impact TMT’s ability to raise the required debt and equity funding until such approval is granted.

This declaration is extremely notable. I would assume the same applies to the merged entity as Yarrabubba would be just as integral to the merged project economics.

So we're inferring from this that debt and equity funding is years away regardless?

In the process of listing the doom and gloom for TMT to encourage merging as a saving grace, they aren't painting much of an attractive picture to stay in once/if a deal gets done.

My worst case estimate, add all those holdings up on page 18 & 19, multiply by 12, and picture that all scrambling for an exit day 1 of trading.. ooof