Ann: Merger Presentation, page-467

No. AVL did not explain it so no one else can..
Even that price was in fine print as a footnote, so might have been missed entirely if not read carefully.

Check out where they explain how they arrived at their $2+ titanium credits as well..
Oh, no they didn't explain that either..

Both alone are the difference between a $6 vs $8 to $9 opex, so you would think some explaination was provided.

Nope, this is what they call in accounting circles, 'massaging the numbers'.

Now we can argue why would RCF invest if they didn't beleive in AVL and these number blah blah..
My takeaway since that BFS came out is this,,, AVL still have thousands of one eyed supporters despite no one ever explaining these major red flag assumtions in their BFS. So maybe such red flag are irrelevant, if your spin is good enough to have every shareholder, the government, and a few big backers ignore these things and still hand over money..