Ann: TNG signs strategic HoA with BBI Group, page-40

Agree with many of the sentiments posted :

- A WA project being the alternate option for TIVAN potentially puts some urgency into getting the Darwin/NT option permitting complete. I'm sure with a limited time to run on the patents, SMS/TNG want the first TIVAN plant built as soon as possible.

- Will whoever lines ALL the ducks up first (BBI, TNG) be a candidate for the BOOT (Build Own Operate Turnover) component of the refinery.

- Will whoever finances the first BOOT refinery finance 2?

- Will the second one to strike a new TiO2 offtake deal have a harder time at it than the first one

- China are going to be a major consumer of TiO2, Vanadium for a long time to come. Unlike the strategy many of the other Ti/V hopefuls of pursuing investment from China alone, the route TNG has taken also involves other potential investors from other geographical areas - CAT, DOW, kfw development bank amongst others. My concern with this was that China would completely abandon the process TNG/SMS have developed when they will be potentially a major customer. This agreement resets that line of thinking.

- The list of Vanadium companies on the ASX continues to grow, as do they around the world. The potential for TIVAN to increase the resource value for these companies is recognized with this HOA. I don't think they will be the only ones talking to TNG.

- Look at the companies I follow for a list of ASX Vanadium companies & you'll see what I mean about the potential market for a revolutionary titanomagnetite process market growing by the day.