Ann: Merger Presentation, page-144

@dbd25, I must concur, especially regarding your statement that "If TMT management cannot achieve success with their superior ore body, I fail to see how the merger will simplify the task of devising a viable plan."

The merger's only plausible rationale, in my opinion, is that both companies are seeking to bide their time and await more favourable vanadium prices to pique investor interest. Although there's no denying that TMT and AVL remain the top vanadium options in Australia, the critical question is the extent of their willingness to delay (extend the timeline) and how patient we are willing to be.

Considering the implementation date, the planned integration study, and the updated DFS if the current BFS didn't suffice to attract funding, they will need to finalize the updated DFS prior to making a FID and securing funding.

Considering various factors, such as the implementation date, the planned integration study, and the updated DFS there's a crucial consideration at hand. If the current BFS hasn't proven effective in attracting the necessary funding, the next step would involve completing and finalizing the updated DFS. This is a prerequisite before any FID can be made and funding can be secured for the project. Consequently, this process may extend the timeline by another year or two, all in the pursuit of achieving stability in the project's development. This could potentially translate into another year or two before everything stabilizes.

The big question is what happens to the SP during this waiting period. Over the past year, while we were awaiting EPA approval and FID, the SP has declined for both AVL and TMT.

As someone previously mentioned, the merger merely signifies a larger ore body, not necessarily a superior one.

These are still early days. On a positive note, we can capitalize on this waiting period, seizing opportunities to accumulate shares at more favourable and lower price points.

Wishing everyone the best, and as always DYOR.