My money is on that the integration of the two projects is a...

My money is on that the integration of the two projects is a smoke screen for:

Ian to release the TMT bankable model and updated ore reserve under the merged company and sell it as the merged ore body! AVLs 79 cent diesel estimate and 400km trucking of ore won’t pass the ESG emissions requirements under their own EPA application and western WA doesn’t have the power to electrify the mining truck fleet.

AVL should have already started their gas pipeline to their proposed processing facility but that has not happened where as TMT is full steam ahead on the gas pipeline.

that means no EPA re - application is required because AVL got the TMT Enviro application under the M and A arrangement.

I would have to double check the 3-6 month guidance for the integration.

I support Ian and he is fantastic with shareholders however he has never achieved anything related to the project in 3-6 months.

There is one pending ore reserve for Yarrabubba and one set of assays to include the ”at surface material” for Yarrabubba. The only portion included at Yarrabubba is the deeper part of the ore body is my understanding.

Thats why the integration study opex was so high it was assuming that they had to clear the surface non material before they reach the vanadium at depth.

From what I have learnt the closer to surface the cheaper to mine when you release an ore reserve the deepest portion will be released first, working up to the surface. That’s allows the MD to show opex savings if released in multiple stages. Thickness of the ore body and grade is the other factor but the most costly part is digging down to the ore body if required. If the ore body is too deep that’s why some mines are underground mines.

I’m not a mining engineer but that’s my understanding.

All speculation and opinion but that’s what makes sense to me.