Ann: Trading Halt-TNG.AX, page-130

I agree Jinster.

- SMS will get us (almost certainly imo) debt finance for the whole refinery
- SMS will build the refinery for TNG and TNG will not have to pay any royalties on our refinery, including the titanium dioxide and pig iron bolt ons.
And the big one:
- SMS will have the right to produce as many of these refineries as they please in the future in exchange royalties to TNG.

The fact that they are implying debt finance is great, but the real kicker here is that this whole agreement is structured to reflect SMS' long-term commercial intentions to build multiple TIVAN refineries. If this MOU goes binding, then TNG has just secured the bulk of the funding requirements for the Mt Peake Project along with future additional future revenue streams (to those included in the DFS), which will likely be substantial income sources in their own right.

Best announcement we have had to date imo.