If they’re buying to merge they’re getting some synergies which...

If they’re buying to merge they’re getting some synergies which means they can pay a bit more than our actual book value.

Currently with no EPAs and native title $1 a share ($250m market cap) is probably reasonable, it’s also well clear of our high last year so would be a strong chance at getting over the line (half of all shares so 125m yes votes + 50% of holders is the criteria, so in that regard I have the same vote as RCF).

I’d question the relevance of our EPAs if they really do merge the projects, as I assume with 2 different areas (even though they’re right next door), 2 different processes, AVL to their credit have their electrolyte plant plans etc. they’d nearly have to start EPAs over, unless they fenced off AVL’s part as a no-go zone and got cracking at Yarrabubba and our TMT share of **anithia. I don’t quite know enough about this to comment but I’d hope if we had EPAs and native title agreed, that would demonstrate that the integrated project could also achieve this and we would be de-risked significantly. Maybe then somewhere around $3 a share ($750m MC) would be fair valueThey still have to go out and get another ~$600m to build it so we have to factor that in.

Remember with a $12/lb price tag on vanadium Troydt has our NPV at over 2B so it’s ultimately how much you’re discounting this.