Exactly why they need TMT..There is good reason they don't...

Exactly why they need TMT..
There is good reason they don't mention payback period either.

If they drilled out some good sections of their southern block that can be integrated into TMT's early ore processing, they might end up with a relatively attractive first 7 to 9 year period of positive cashflow, cut the payback period down considerably, and that will be enough for funding, as financiers will be out before the rough ore even starts going through the mill.

But many of us have read the standalone AVL BFS in it's entirety and there is no way to dress it up to look feasible.. (but they do attempt it as you point out).

Hopefully the independent report address the considerable differences between TMT and AVL's financial outcomes, whether either can get funded on their own, that point is out the window, it should be about TMT's fair value in this merger.
The arguement that it is worth zero if it could never be funded should go the same for next door, so that point should be out, and BFS comparison used in the valuation of AVL to TMT.