Few thoughts
The merger was proposed on September 25th, and the quarterly report is from 01 July to 30 September, so it makes sense that the vast majority of the report speaks to TMT's activities. AVL's does likewise. They also have to keep progressing individually in the event the merger doesn't get up.
Whilst awaiting details of the merger, I anticipate the merger plan is to mine Yarrabubba first, using AVL's electrolyte facility as well, with the plan to get into **anithia in 8-10 years when Yarrabubba is exhausted. At this point in time both the TMT and AVL sides of the **ba fence should be economically feasible if vanadium grows the way we all think it will. The TMT side will already have a processing plant, and the different AVL plant can be paid for with the Yarrabubba free cash flow (this probably means slower debt repayment and dividends, however longer mine life and near double production capacity).
Therefore, I assume TMT will still go hammer and tongs at the EPA permitting for Yarrabubba as planned.
The Hon. Bill Johnston WA Minister for Mines and Petroleum; Energy; Hydrogen Industry; Industrial Relations naming vanadium and graphite as 2 key minerals of interest to the WA State Government (link at bottom) STRONGLY makes me think there is background stuff about merging and being a vanadium superpower. Whilst awaiting details, I think any sort of plan that gets the deposits into production by 2025-26, without a stupid idea like mining high quality Yarrabubba stuff and blending it with AVL's lower quality stuff, is probably a good one.
You will find very few TMT holders who have a problem with the merger proposition other than the 12-1 proposed. That is because as stated in the merger announcement this gives TMT holders 42% of the combined entity. 20-1 gives us a 50/50 split between the 2 companies, it gives TMT the premium holders want (TMT has a lower MC than AVL), it doesn't actually cost AVL holders cash (only extra dilution), and it makes us a ~20,000mt per annum vanadium producer in 10 years time.
As I've posted previously it makes sense to use Yarrabubba high grade vanadium and the titanium credits when the market is where it is at now, and later when vanadium demand is booming the lower grade resource of both companies will be economic. Fortescue Metals have made a fortune from using 58%Fe in good times and 62% Fe in bad times. AVL/TMT can do the same.
https://www.wa.gov.au/government/media-statements/Cook-Labor-Government/Vanadium-battery-to-power-regional-WA--20230731WA Government Statement
https://themarketherald.com.au/wa-keeping-its-eye-on-vanadium-and-graphite-indonesia-a-future-mining-partner-bill-johnston-2023-09-19/Market Herald "WA keeping its eye on vanadium""
