Ann: Merger Presentation, page-415

Hi Rhys
As the official word a few weeks back was that the review completion was imminent, I’d say that it’s been gone ahead with, finished, and will need to be paid for.

I also believe the findings have been sighted by management and ‘insiders’ throughout the process.

Will it be published?
We were told it was a necessity for potential financiers to sight, but never that ordinary shareholders would see it.
I don’t know what the old estimates were for (for only Ga bbanintha ?) back in 2019 but I figure it’s likely to say the pre-production/infrastructure costs on the project will be at least the ~$600m+ that Graham Arvidson said was required at AVL … apparently based on figures already more than a year out of date.

And I think it likely confirmation that the merger had been decided on, and the recent $15m investment by RCF into AVL at 2.6c a share was as a result of and based on the final figures of the independent study becoming known.
It’s the biggest financer around here!
I also think that in gaining that 2.6c entry price, RCF - underwater as you know - did some serious haggling with the new AVL CFO, and possibly there was some downward manipulation as it wanted to reduce its average!

Cheers