Ann: TVN Tivan Announces Return to Middle Arm, page-32

I've had the afternoon to digest the magnitude of this announcement.

When you consider the context of what this Board has had to consider and digest in recent months as part of its review and make deliberate, informed and strategic decisions directed at literally saving this project through resurrecting relationships with all the key stakeholders (including NTEPA) and give this company a meaningful chance of harnessing a social licence to operate in the NT - it simply is something REMARABLE that GW, the Board and management have achieved.

I know many of you must be thinking I've seen this movie before, and I completely understand that sentiment, and whilst we have lost a good 18 to 24 months on progressing the project following the NTEPA debacle, unfortunately it was a necessary evil to go hostile on the TNG Board because stakeholder engagement had failed and was terminal in the NT. I knew following that outcome and the communications that followed, that the previous Board had failed and misled investors and any hope of having a social licence to operate in the NT was beyond the reach of TNG. That's why I amongst other more influential shareholders made the tough and ultimately the right decision to tackle TNG head on and for the board changes that transpired.

The change in direction to pivot the refinery to the mine site was simply a distraction and survival technique buying time for a "Hail Mary" that would never come. I'm convinced the reason we never got a revised capex for the vertical integration of the refinery at the mine was because building it in the dessert would have had a staggering (unfeasible) Capex number attached with it, amongst other challenges of water, workforce, logistics and the various approvals required etc. TNG's brand and relationship in the NT had become catastrophic and terminal. No amount of arm-chair leadership was going to get the refinery built at the mine site.

What we had with the TNG Board was a massive "trust deficit" which the Tivan Board is overcoming in a systematic fashion, by cleaning up the previous mess and building a sustainable platform for driving this project forward. The narrative around the Middle Arm precinct has changed significantly in recent times given the commitment to the area by the Feds etc which is well noted in today's announcement. It should be recognised that the Middle Arm story has progressed significantly since 2021 as has the narrative regarding critical minerals and the importance of the Tivan story and technology to the NT and Darwin itself.

The Tivan Board must be called out for bridging the trust deficit in months upon getting the reins on the company. Today's announcement illustrates the massive amount of work, investment and level of repair required to get the NT and all of the stakeholders back on board with this project. This is no "mean feat" which has been achieved by hard work by the Board and management team and also through heightened engagement by GW with government, regulators and stakeholders.

I'm still digesting the enormity of today and the fact Tivan has locked this in so early in the review process which gives this project massive and sustainable upside. It's a brilliant outcome and sets the company to pivot forward towards a meaningful reset and hopefully enduring shareholder value.

Let's be frank TNG was on life support because of mismanagement. The project and technology were always full of huge potential that unfortunately the TNG Board could not materialise and it began to unravel.

In conclusion let's not think of today's announcement as back to the future but an important reset with a different and more compelling business case for Tivan, the NT and Federal governments and Darwin itself.