Ann: TNG Progresses Darwin EIS, page-44

Hi all. Yhe DR EIS update was disappointing to read, initially anyway. TNGs responce has been signalled to be within 12 months creating the inference thar FID will again be pushed out, seemes like the illusive green light was again out of reach.

Then I thought it through a wee bit more and changed my mind. Im ok with delays on this front as i believe the rewards will be manifestly greater if we play the long game.

Briefly, we are in the middle of huge global shift focusing on protecting bio diversity, reducing negative environmental impact, creating sustainability, reducing global warming and its consequences and importantly reducing CO2 emitions.

The NT EPA has a statutory responsibily, is accountable to the State Govt and intern the Federal Govt of Australia who intern are signatories to global treaties and will be held to account if they fall short in reaching global emissions reduction targets.

The EU Commission recently revised its CO2 emissions reduction targets. It is the EU's revised targets to meet the global end goal of being carbon neutral by 2050. The new interim target is 55% reduction in CO2 emissions by 2030. The reduction is based on a start point of emissions measured in 1990 and the earlier target of 20% by 2020 was reached.

Carbon neutrality is the balance between emitting CO2 and global absorption if CO2. Emissions will have to be counter balanced by carbon sequestration. Currently sequestration into "carbon sinks" is pretty much left to nature with absorption and release managed by forests oceans and the like. The current imbalance, 2019 measurements, is 38.0 Gt CO2 created and 9.5 to 11.0 Gt sequested. The difference must be met by reducjng CO2 emissions.

The EU commission has resolved to focus on,

renewable energy

energy efficiency, ie development of low CO2 technology

carbon border adjustments, ie applying a "carbon price" on imports.

TNG on 13 April 2020 renewed it focys on VRFB development primarily for Australian market.

On 17 September 2020 TNG announced a further colaberation with SMS to create green hydrogen by a electrolysis process powered by renewable energy. The hydrogen created would, in part, be applued to the DR aa a reduction agent creating H2O instead of using Carbon creating CO2 emissions.

on 21 June 2021 entered into a colaberation eith Malaysian Green to create hydrogen via a different electrolysis route but also using sustainable energy stored in VRFB.

It seems to me that the development and utilization of hydrogen reduction technogy in the DR is a pivotal development and its utilization in the TIVAN procesd is critical for both the marketing of TIVAN and the sale of DR products.

To have carbon neutral Refinery opens the door to global supply networks as the CO2 reduction focus becomes more intense, as well as being able to offer priducts that avoid "carbon price" taxation and allow access to glibal markets.

I rightly or wrongly came to the view that the development of TNGs hydrogen reduction technology as well as a guaranteed source of green hydrogen was lagging behind all the other refinery developments and further delays were inevitable.

In the end if TNG gets it right we will be rewarded in the end.