This slide is from the March 2023 presentation in Brisbane;...

This slide is from the March 2023 presentation in Brisbane;
https://www.listcorp.com/asx/tmt/te...sbane-mining-investor-conference-2852400.html



The lower left partnership company - CNMNC - has/had a binding offtake arrangement in place which was extended at some  stage in July last year according to the June 30,
2022 quarterly report:

https://cdn-api.markitdigital.com/a...pdf?access_token=0007qv4P6Lb0J3CHIbuhheqGcLhR


I am unable to find any notice announcing that the MOU with CNMC (a subsidiary of major Chinese company CNM
first announced back in 2019 [ref] had become a BOA so perhaps calling it that was an error or I missed it.

Spoiler : Excerpt from 2019 MOU

KEY TERMS DEFINED IN THE TMT – CNMNC MOU

The MoU between TMT and CNMNC establishes a framework for ongoing discussions and negotiations aimed at delivering a definitive and binding offtake agreement (“Agreement” ) over the coming months.
Key terms that have been defined and agreed upon in the MoU are:

• Initial minimum annual quantity of V2O5 to be purchased of 2,000Tpa on a take-or-pay basis,
• CNMNC to purchase such quantity of product that is available, up to 2,000Tpa, during the
ramp-up and commissioning phase of the Project,
• Pricing to be negotiated based on the Metal Bulletin V2O5 Pricing Index incorporating a floor
and ceiling price structure,
• Sales to be based on FOB at Port of Fremantle or similar,
• Minimum term of three (3) years with an option to renew for an additional three (3) years, and
• Consideration for CNMNC to refer TMT to its parent entity, CNMC, to discuss additional Project
support, including scope for financing and/or EPC arrangements

The next steps to progress towards finalising the Agreement include due diligence to be completed by both parties in conjunction with the progression of the **anintha Definitive Feasibility Study (“DFS” and further refinement and agreement of the key off take terms.
The MoU is effective until 1 October 2019 unless the parties mutually agree to formally terminate or extend the term.

At any rate there seems to have been  no mention of CNMC in any company presentations or reports since March this year.

I find this to be a bit peculiar given the long term understanding, and if CNMC has quietly disappeared, it reinforces my sense that basing objections to the merger  trying to set a quantum on TMT worth based on past understandings and value estimates -  especially in the current market - is a bit of a pointless exercise.

Cheers