Ann: Merger Presentation, page-161

Absolutely on the mark - it's tragic. The fastest way a Vanadium mine might have got into production in Australia would have been with TMT securing all their EPA permitting, and then with a bit of luck with the V2O5 price if it rose on the same timescale, they could have secured financing. Instead, all the best and most financially attractive aspects of TMT are being diluted by merging with AVL. I'll make a bold call and suggest the V2O5 price might spike again in 12-18 months, as it often does following a period of unusually supressed prices. But this merged company won't be able to move ahead with financing because they'll be in the middle of yet another long-winded, multi-year "integration study" of the ore bodies, so they will miss the chance. They won't be ready. Probably their revised plans will have to be submitted to the EPA anyway, so more years of delays and waiting. But TMT management have made their decision, no going back now.

All IMHO, DYOR