Ann: TNG signs Binding Term Sheet for Vanadium offtake, page-9

MB, I stand to be corrected but "Binding Term Sheet" is I understand a document that binds the parties to what are the essential terms of the off take agreement, what remains are matters of detail that surround the key terms. WOOJIN clearly want in and the vanadium % with tonnage and pricing formula etc are clearly central and agreed along with no doubt other terms and mechanisms to resolve issues should they arise and not be agreed. As I read all the past announcements WOOJIN are exploring involvement in the plant as well as fascilitating finance. Finance is mentioned today. These extraneous would be separate and a little hard to pin down at the mo being somewhat dependant on inter alia plant location. WOOJIN are so central to TNGs development and there is no suggestion that they want anything else but in, so I see today's announcement as big news.

Again we get a tantilising whisper that someone wants V2O5 under another off take and for me the fact that TNG has reserved 40% for that prospect suggests a clear Suiter.

Time will tell. Wonder whether this news will test the 16.7 resistance line today.