I agree that TMT's opex would be actually quite low for a...

I agree that TMT's opex would be actually quite low for a Vanadium miner, lowest quartile etc etc, but its the high capex that is stopping this project proceeding. You just end up with long payback times and low IRR's. Both TMT and AVL's prospects are utterly dependent on the V2O5 price, and it needs to be in double figures to get payback times <5 years and IRR's higher than 20%. I'd say the only way either company, or a merged one, could get project finance, will be if the V2O5 price gets above US$10.00/lb and stays there for a year or two, minimum. Otherwise they will just sit and go nowhere. I'm actually wondering if RCF have now realsied this, and are now looking for a way to pull what remains of their investment, rather than support two companies that are at the mercy of a prolonged V2O5 price dip. RCF could not sell their TMT stake on market - too illiquid, but maybe they could ease out of a merged entity with higher liquidity. I'd be watching closely for any kind of selling from RCF once the merger is complete.

All IMHO, DYOR