EPA update, page-52

I think what I was trying to get at was, 7 years ago, absolutely the logic applies and one company makes 100% sense.. Not even 98%, 100% sense!

But we are 7 years on now (for better or worse), and we now have one company that might only be a few Months from fully permitted to start construction, have completed their FEED study and have high confidence in their BFS (figures requiring updating due to additional ore and cost adjustments, but no major changes),,,, and then the other company that has struggled over it's ore composition for over double the years, still WITHOUT a 'feasible' BFS of their own, are still 2+ years from the same permitting as TMT (and that is IF they stayed commited to their current plan and didn't alter it, which is a massive if), and have a development/processing plan that is completely different to their neigbhours.

But it's like TMT, RCF and AVL have done nothing but take input from and listened to parties who are just ignoring all of the above and concluding the best plan is to merge..

Which it was.... 7 years ago...

and 7 years ago I would have probably also agreed 12:1 is a fair ratio to acquire TMT's stakes in the ground.