Ann: Merger Presentation, page-342

And I forgot to add Vincent Algar might have been a better salesman than we give him credit for, Graham Ardvinson seems convinced AVL have a world class deposit based on his Spotify interviews and complimented his geos one their requirement to blend their ore to navigate the oxidisation.The merger would signal to me that AVL cannot pursue their own mining strategy!

Has RCF forgotten that their own ESG preacher Jacque Murray won’t like that AVL is trucking their ore 400kms via Diesel how many emissions with that create with the EPA requirement to achieve net zero by 2050. Electric mining trucks are 33% less efficient than diesel let alone than power to charge them does not exist via grid capacity. AVL could install a diesel generator lol.

Oh how how could I forget AVL used a 79 cent Diesel price for their BFS estimate. Where can you buy 79cent Diesel in remote WA?

With the one major requirement for satisfying finance being ESG how could AVL possibly be a funding market threat for TMT.

I will be very interested to see who is appointed the independent technical expert on this deal. His initials better not be VA!

Tell me I’m wrong!