Perhaps RCF did get a lot of feedback from potential large...

Perhaps RCF did get a lot of feedback from potential large financiers that AVL and TMT merged presents a better investment case rather than 2x applications, 2x capex, 2x competition,,,, 1 orebody.

And perhaps RCF also see a way that combined is their best opportunity for maximizing their overall investment.

I would propose though that maybe they could have done a better job communicating to these potential financiers that TMT is a lot closer to permitting and possible production than AVL. Maybe by years. Standalone their DFS is as good as you will likely see for an Aus vanadium play and supporting any vanadium project, TMT is the choice.

And if they want the one ore body one company, a better option IMO would be to convince financiers that TMT could be a year into production before AVL is at the same stage, at that point TMT could buy AVL and just incorporate the best of AVL's ore into TMT's processing.

Maybe it's a harder sell. Maybe it's an easier, lazier solution to merge, integrate, and go at financing again, but maybe we find out it just makes the overall project financially, bottom line less attractive.
Where are they then?

And you are right, listen to AVL ceo speak, you would assume AVL is shovel ready like you said. Zero indication of what a real world timelime actually looks like for them currently, INCLUDING sorting out ther BFS so anyone would even consider financing them.
And you also have the problem of the entire AVL shareholder base satisfied with "Our CEO said we'll be constructing in 8 Months so that's what we'll be doing", and you have the water's muddied as keeps getting referenced, and everyone is thinking TMT is getting saved and by hooking their wagon to AVL, now have a much better (or only) chance at getting funded..

As per db, only a few weeks prior our presentations indicated a whole different story to what we are supposed to be insinuating now because Ian signed up for the merger?

So many different aspects to this whole thing, and probably so much in the background going on, now and all through this year that none of us have any idea about, so I feel anyone trying to simplify it all at this point is doing themselves a big disservice.