Ann: TNC advances mining and processing activities at Cloncurry, page-29

Not sure about your numbers Sentrybox. I may be wrong but I figure it this way. APAC held 5% of TNC (tad more..I just cannot remember the exact amount. Counting up from their ceasing to hold...notice they sold something like 24 M shares...tool them to about 3%. From that point they do not need to declare anything.
Of course I may be way off Does not matter in the end. What does matter is that TNC proves it is delivering on production ramp up. That cash starts flowing a.s.a.p.
I do not imagine that with 1Billion+ shares in issue and a share price at current levels that they would wish to come to market for funding except as a last resort. How much cash they have and how to handle it I guess we will find out soon enough.