Ann: Merger Presentation, page-99

Unfortunately also went back to 2 cents when people read the BFS released shortly after.

If all of the above speculation were true about the TMT Board sitting on bad numbers and happy to get a bailout, how do the numbers improve when you add AVL's BFS?

AVL was honestly looking at potentially $7 to $8 Opex without throwing in two major assumptions, $2.60 unproven ilmenite credit and like, 70cent diesel price.

TMT's BFS was as good as the metrics can look.
Cheaper financing options for the Capex, and possibly AVL adding to the Southern block with more good early feed ore are really the only avenues to improve what TMT already have.

If you tell me now that TMT were looking at a blown out DFS and truly needed saving, then the combined resource is not going to be very exciting.

More likely RCF have had this merger over the line for Months now, and this is why neither company has seen a single material update on resource, reserves, results, or progress since RCF bought into AVL. All kept from us while they positioned the companies for the deal we have today.

Expect TMT's superior metrics to be talked up low key in the next AVL announcement, and read between the lines to learn which 3 letter ticker was getting saved here.