Ann: Merger Presentation, page-274

Big Silly Billys?

RCF are very smart, have deep pockets and can follow long term strategies.

And actually, I think they are handling their situation with great cleverness.

$15mil is peanuts if they can ultimately secure TMTs potential NPV (and bolster confidence in the AVL SP in the short term).

Ultimately they can use the $15mil to develop the best bits of the 'merged' assets - i.e. what is currently TMT's resource.

No, it won't be wasted on AVL's oxidised stuff.

Investors, big and small, do take risks.

Early on they're typically investing on limited information. As more information comes in, they rework their strategies. The ultimate goal is always to maximise profit for the institution.

So there always will be failures.

But, if you are as clever as RCF, you are also very good at mitigating those risks, and dumping the cost of those failures on to others.

Ultimately, I looked at both AVL and TMT, and over some years, it became increasingly clearer that TMT had the quality resource, while AVL was being diluted by "slick-talking" types.