Ann: Merger Presentation, page-115

Below is the timeline.



1. When is the anticipated date for the TMT shareholders' voting process?

2. Given that the implementation date is approximately 4 to 5 months away, the market's response to this announcement is challenging to predict. There are already discontented shareholders, raising concerns about the potential further decline in the stock price of both AVL and TMT. If AVL's stock price declines while TMT's rises, the proposed exchange ratio of 1 TMT share for every 12 AVL shares will result in a loss for TMT shareholders.

3. What are the implications if the Environmental Protection Agency (EPA) approvals are granted before the scheduled implementation date? At which stage in the following process do we reach a point of irreversible commitment?

It appears that AVL and TMT may not have been forthcoming about the viability of their projects. It seems that, behind closed doors, both management teams may recognize that these two projects may not be economically viable at the current vanadium price, and therefore, they have agreed to merge in order to gain additional time.

The appointment of Ian as the "Executive Integration" manager or director suggests potential plans for simultaneous ore processing, which could necessitate another comprehensive feasibility study (BFS) and environmental impact assessment (EPA) for the integrated approach.

If the strategy is to primarily mine TMT for the initial 5 to 10 years until vanadium prices increase and funds become available to expand the facility for processing AVL's oxidized ores, Then how does this benefit TMT and TMT shareholders.

TMT is merging with a company possessing oxidized ore, which is typically more costly to process. How will this merger and integration endeavor reduce capital expenditures (CAPEX) and operating expenditures (OPEX) for TMT? From my perspective, the integration may actually elevate CAPEX and OPEX.

Regarding the added value of VSUN, it remains inconsequential if AVL/TMT fail to extract the ore.