With the utmost respect, some of this is perhaps unintentionally...

With the utmost respect, some of this is perhaps unintentionally misleading and light on detail, and you have not posted enough of the testing announcement (which you acknowledge re: link). Important context and my POV to add to your post:

VMM and MEI have consistently used pulverised samples in their test work. This is consistently stated throughout their metallurgy announcements. They are also using the same ANSTO process. I simply think this is a prove ionic or not step, and reading the full testwork announcement clarifies this. Yes they state they want to prove max extractability at this stage, but I don’t think it’s intended to sufficiently move towards Scoping PFS and they will do more testing for that. Attached below.

AXL if Ionic at Caladao have a brand new discovery of ionic, with a gallium overburden. The mining economics will be different to Caleira.

As for Caldas, it is not correct to say they are ionic as yet (it’s expected their direct neighbours are, but no metallurgy done on Caldas as yet), and they are not scattered within as you say. They have significant land parcels north and south of the complex, and a few scattered inside (per the presentation in this announcement). You may be correct on a consolidation play, but it’s not scattered here and there. (This presentation clearly shows that).

I own both AXL and VMM. Along with MEI which I don’t hold I expect and hope for all three are highly successful. AXL is just starting its journey, with the ace up the sleeve being Caladao as a brand new discovery with Gallium. Proving ionic, then allows moving to more detail study/PFS which will determine true economics.

as a microcap in the caldeira neighbourhood, and an ace up the sleeve in Caladao, with the lowest MC, I think this has miles to run. Even if this turns out to be 3 of 3 in the region, it doesn’t mean it won’t have a great scoping study or PFS. I think the risk reward is fantastic at this MC (as is VMM which is seriously undervalued at the moment).