Ann: Merger Presentation, page-204

Sabine - As far as I am aware, the most recent financial figures for the project published by TMT were those in the "mine life" ASX announcement from 5 Aug 2022, though they are buried in the text. NPV's were given for an assumed $10.50/lb V2O5 price, but no numbers for IRR's and none for payback times. As far as I can determine, TMT have simply refused to provide their shareholders any further information on these key numbers, saying instead they were "getting accurate quotes" etc, but those excuses have now worn thin. In any case, market forces have come in to play since then, with the general increase in capex costs. When I spoke to TMT at the Sydney conference a few months ago, they said the capex was likely heading to A$700m+. As of now, the V2O5 is in the $6/lb range, so if you crunch the numbers as I have done, the whole project appears to be currently financially unviable. I suspect TMT can't really update these numbers because the core numbers are moving around too much. But they should be able to say something, because holders want to know the current status of the mine economics before voting on the takeover/merger. At this stage, it looks to me that TMT are still hiding a lot of key information.

All IMHO, DYOR