Ann: Scheme Booklet registered with ASIC, page-52

that’s the thing…. Every problem TMT have you could almost DOUBLE for AVL.

its pretty clear the 12 to 1 isn’t getting up.

let’s see if a revised offer comes or we go it alone.

picture this, the WORST that can happen, for both situations

Merger approved - we get something that the fat cats sitting on both sides of the fence CLEARLY want, and although we
as TMT holders lose a lot of the unrealised upside on our side of the fence, we haven’t gone bust, and the vanadium market is still all there. Then all we need is for vanadium to become a buzz word (and it will - same as lithium before) and we will boom

merger doesn’t get up (what I think will happen) - we have approved EPAs by Q1 next year (off EPA WA timelines), we are a chance of a revised offer, we are a chance of an offer from someone else. We also look like rebels and if ABC or Money Mind or someone run a story on it we will see a lot of publicity. Oh, and AVL will still be shipping ore to their electrolyte plant from the USA at an obscenely high cost (no 79c diesel on the open seas) and will probably sign an offtake with us instead.

oh, and don’t think for a second if the fat cats on both sides of the fence have pushed so hard for this merger, that if it falls short they won’t push equally as hard for AVL to lease an access track to TMT for efficiency, and sign an offtake to at least keep AVL and TMT money circling around