If a merger/takeover was to happen , the early money, and higher...

If a merger/takeover was to happen , the early money, and higher returns are in processing TMT's ore for at least the first 6 years, if approvals are as close as we think they are (havent we said that before) the play is for TMT's deposit and approvals. If TMT go mining, AVL wont, and then AVLs deposit is worth only what TMT or its suitor wants to pay for it because its worthless to anybody else. A 50 year mine or a 30 year mine doesnt make as much difference IMO. First to mine is what matters , which makes next door @ $140 odd million cap seem like a much much higher risk play. Hard to value the VSUN/electrolyte plant side of the business , but difference in m/caps is $70 odd million , i wouldnt have thought remotely near that. I still struggle to see the benefit of a merge to TMT as much as AVL but there is people with more money than me hedging both sides of the fence