We maintain our buy recommendation on the stock and stress that given the company’s strong financial
position and momentum at key projects, we see the current discount in TNG shares trading at 7.5¢ as
excessive. 2012 has the potential to be a monumental year for TNG and if the quick pace of progress
continues, we consider the company’s shares due for an appreciable re-rating.
http://www.tngltd.com.au/images/tngltd---ahphoapeog.pdf
