Ann: 2019 AGM Chairmans Address & MD Presentation, page-12

A fair bit came out of the meeting: Here's a brief summary. Others from HC were there taking notes so they will fill in the gaps no doubt.

NAIF: Submission made a few weeks ago under the new structure; Paul indicated they were applying for "significantly more than $80m under the revised structure."

Debt to Equity: Paul thought that remained on track at 70/30. He said that KfW would supply something like 60 to 65% of debt structure and that would be ready well before FID (which is expected mid 2020).He made me very confident that there were equity players (DKSH, SMS, Vimson were all mentioned as likely to take a position. Actually he said SMS will end up with more of the project, so that seems almost certian)


Timeline: 18 to 24 months from FID

Preferred model is to hold Tivan in a 100% owned entity, possibly list in Singapore, allowing access to people who are interested in licencing. Licencing TiVan for titanomagnetite deposits barounf the world and WA is the way they think might be possible to take the company forward. SO I think their vision is to be a tech compnmay all along.

FEED progress is well over 50% and will be ready before FID June 20202. PB stated he was very happy with the progress.

SMS are expecting to help us licence this process around the world. Model is to take a licence fee and a royalty. SMS see this process as disruptive and they are keen to partner TNG on the journey.

Resolution 7 : failed 26.9% against. John Elkington said he was disappointed. I pointed out that the way in which they conveyed the Vimson placement was probably to blame. I siad that they hadnt explained the strategic aspect of the placement. Paul Burton said he thought they had (Off take partner and potential investor). I disagreed and commented that perception is reality and the Vimson tranasaction is lilkey a reflection of how that was handled.

Resolution 6 passed with about 50 minutes of ballsing around. One of the HC crowd asked a vey good question around whether the price was 8.9 or 14.37 as ther was contradictory information in the informing document. It was passed without the question being answered categorically, and that what ever the price, PB was required to pay the correct price. I am sure there will be some confirmation in the next few days.

BBI still in discussion. Interesting. A number of other players holding live talks

Train agreement organised to get product to Darwin

Capex not really expected to change much from the $824m

Formally asked The NT govt for the land at $0. Says there are precedents such as IMPEX although that transaction was not on Crown land. I think they siad they had met with NT govt to state the case a couple of weeks ago and made their submission.

Staff recently returned from a SIngaporean conference where a lot of Titanium pigment players were attending and it seems we attracated a lot of attention.

Not thinking about ferro vanadium and electrolyte until we get the first stage right. Defintely some interest, particulalry from Sumitomo, but not wanting to be distracted.

JE said that now the team was assembled, PB could concentrate on promoting TNG

Overall, I thought it was a great meeting.