Ann: TNG appoints Gresham for Mount Peake funding-TNG.AX, page-25

Taking DFS as the starting date as to when TNG would be taken serious to raise finance, this is the timeline to $1B capital raising :
31 July 2015 -  Mount Peake Feasibility Results
24 August 2015 - Traditional Owner clearance received for mine development
7 September 2015 - TNG signs Life-of-Mine offtake and technology agreements - Woojin
21 October 2015 - TNG appoints Project Manager for Mount Peake
26 October 2015 - TNG Signs Agreement with Caterpillar Finance for Mount Peake
2 November 2015 - Environmental Permitting progress for Mount Peake
2 February 2016 - TNG executes Binding Agreement for TIVAN with SMS Group
23 February 2016 - TNG signs development MOU with Downer
23 March 2016 - TNG signs Binding Term Sheet for Iron offtake
5 May 2016 - SMS to partner with TNG for TIVAN commercial development
20 June 2016 - SMS group takes stake in TNG
5 July 2016 - Mount Peake mine development aquifer drilling commences
21 July 2016 - TNG signs agreement with Global Titanium group
25 July 2016 - TNG to demerge and IPO base metal assets
1 August 2016 - TIVAN optimisation identifies OPEX saving of up to $50m p.a.
20 September 2016 - TNG appoints Gresham for Mount Peake funding

TIVAN produces Titanium Dioxide, Vanadium Pentoxide & after smelting, Pig Iron.
From the above :
Mt Peake Mine constraints cleared :
- Traditional Owner clearance
- EIS has progressed to the point that only supplemental data on water bore usage should get it over the line - the data has been obtained & is being analyzed for final supplemental submission - 1-2 months
- Infrastructure - all non-process plant/mine infrastructure which should include construction & operations camps, possibly airport terminal upgrade, rail siding, support buildings etc will all be built, operated, maintained by Downer.
- MOU with CAT for provision of mining equipment finance
Pending constraints :
- EIS final supplement submission
- Mining authorisation - Mining Plan prepared by Snowden, possible that application to NT Dept of Mines & Energy requires EIS approval to proceed?
- Design, supply, construct contract for mine process/concentrate/beneficiation plant
- Finance of process plant & support facilities
- Downer $50M it is assumed this level of commitment would be in line with costs for non-process plant related infrastructure. An argument could be made however that Downer have the in-house equipment, manufacturing capability, as well as proven engineering & construction management expertise that this may end up being the direction TNG go.
- There is perceived risk keeping all eggs in one basket, however the prospect of TIVAN not being a one off & Downer being able to complete the 'turn key offering' - ie SMS refinery, Woojin FeV plant, Downer mine & beneficiation plant, rail - you'd think this would be on the table as every one has significant incentive to see TIVAN succeed - skin in the game.

Refinery constraints cleared :
- Site Selection close to infrastructure (power, water, gas, rail, major road, port)
- Engaged with NT government
- Technology agreements with Woojin (FeV), SMS Siemag (TIVAN)
- Design, tendering assumed well progressed (SMS Siemag)
- EIS Terms of reference issued on 20 May 2016
Pending constraints :
- EIS draft submission (assessment 28 days min) , supplement submission (assessment 14 days min), Final Assessment 35 days - a minimum of 28+14+35 (11 weeks) however this is more likely to be a 6 month minimum process.
- Finance
- Detailed Design, tender submission & equipment ordering
- EPCM contractor engaged
- Utility connection assessment - electricity, gas, rail applications will take time & $$$
- Chloride plant & FeV plants possibly outside of SMS Siemag refinery design?

Finance/Revenue Constraints Cleared :
- 60% offtake V2O5 - Woojin LOM
- 60% offtake Pig Iron - Gunvor - LOM
- Mining Machinery Finance - MOU with CAT
- Mining infrastructure, non-process plant related - Downer
Pending constraints :
- Mine & mine process plant finance
- Refinery Finance - SMS Siemag via Exim bank
- Infrastructure finance - NAIF possibly  - port, rail, utility connections

Most significant announcement (IMO) :
1 August 2016 - TIVAN optimisation identifies OPEX saving of up to $50m p.a.
Why - SMS Siemag/TNG announced from DFS an improvement of well over 15% on OPEX. Considering their TiO2 pigment, V2O5 all in cash costs for highly refined product were
- well below competitors costs for V2O5 & TiO2 for a
- lower grade resource
An improvement that drops OPEX from these initial DFS to these numbers, reduces acid requirements used in the process, processes V2O5 at atmospheric pressure & temperatures for a 99% purity and reduces CAPEX is a win across the board IMO.
The above will ensure that TNG have a process that is not only cheapest in terms of OPEX, but highly competitive in terms of CAPEX vs traditional plant design, improves environmental approval likelihood with the reduction in acid required, reduces energy use because process is atmospheric pressures & temp - ie reduction in heating costs.

The delay to the Mine EIS, delay to finalization of finance package (and appointment of advisor), delay to TiO2 offtake being signed (and advisor appointed), Deferment of Refinery EIS submission, all understandable in order for SMS Siemag & TNG to determine exactly what it is the improvements in process will look like & just how good the numbers will finally be. But across the board, this announcement, IMO, lays the groundwork for an extraordinary future for TNG & SMS Siemag and the TIVAN plants they are to build in years to come.