This is what you get when two lifestyle companies decide to merge - one big lifestyle company. Neither AVL or TMT have delivered anything concrete for their shareholders over the last 2-3 years. Neither has got to FID, secured capex finance, secured BOA's, EPA permitting, nor binding agreements with anyone significant. But both have a plethora of MOU's, letters of intent, letters of co-operation, and both have jumped around with their changing project plans, revised EPA documentation, mining this co-product and then that, then having aspirations about further refining to produce vanadium electrolyte. TMT started out with a good DFS in 2019, but it has been all down hill since then. Their updated DFS will probably never be released now. AVL's BFS took absolutely ages after multiple delays, and was like pulling teeth. Then nothing significant happened with their project ever since. So now the two management's will join together - I'd propose the safest way to watch this is from the sidelines, popcorn in hand. In the meantime, no doubt many remaining holders from both camps will be heading to the exits with as much cash as they can extract.
All IMHO, DYOR
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