Why I’m voting for the merge!, page-8

They also had Sinosteel come in with a prwtty solid proposal to offtake all of their titanium for as long as they can recover it, so that's an often forgotten motivation for changing tact suddenly as it presented another potential avenue to production and obtaining a chunk of the capex needed..

That was a good year work in that direction and then RCF came in, maybe likely already with an eye towards merging AVL and TMT, and the direction was shifted back to vanadium focused.. (Note they deep dived into TMT and had a board seat for a good 8 Months before taking the definitive step of putting more money into the project via AVL, and i'd guess they had identified a decent viable project with TMT alone or they wouldn't have gone all in)

AVL on the other hand feels much more like, "here, we are done with our DFS, now we're going for funding (but really we are going to get drilling again and doing a lot more pilot test work as no one is financing these numbers as is)".
(That's excluding detours to Blesberg) Their game has not really changed for any motivation I see, just keep repeating to improve, maybe releasing the DFS's or BFS's because they set timelines and got 6 Months behind with them, so they had to put things out whether 100% 'bankable' or not. They were always released with promises to "continue working to refine and improve economics, including more deilling", so whether you interpret that as 'unfinished' or not...
What is a hamster in the hen house is the government collaboration grant and some perhaps, decisions of where to go with the BFS, i.e. centrally located processing facility, hydrogen trucks etc, that seem unrealistic for mining vanadium at *nintha, but won them maybe $50mil, so is that truly a win if it commits them to a project not truly optimized for profit? Well I count it as a win now, as TMT really saves them from any possible uneconomical directions Vince took, but i'd imagine a pocket already reached into is more open to further withdrawals, so I am thankful for the grant and hopefully merging leverages what each company actually did right and the rest is definitively left behind.

I just hope they do as Lewis has said and plan on a stella 25 to 30 year peoject rather than a lack lustre 70 year one just to deal with oxidization from day one.

and I hope that means we avoid 24 Months of going over ground that AVL has already tread for a decade, and we have an integration study well done by end of 2024.