Ann: Mount Peake Development Activities Update, page-53

Here's my positives and negatives on the ann

TNG has worked closely with the NTEPA to agree a scope of the required work to finalise the EIS submission. Some fieldwork is scheduled to commence shortly with other activities already in progress. Despite this delay, it is important to note that no major issues with the EIS have been identified by the NTEPA to date and no foreseen impediments to the development of the Mount Peake Mine Site Project are expected. An approved EIS is expected by the end of 2017.

Of all the stuffups regarding the EIS at least now TNG have given a more defined timeline. The end of 2017  is December of course but I think they will be pushing for it to be approved before the AGM. Maybe just maybe PB has learnt the first rule of business to under promise and over deliver!
I could speculate on the fieldwork delays but there are so many variables that it's just not feasible.

The EIS for the proposed Darwin processing site has also commenced and is expected to be completed by the end of 2017. The Company is not aware of any major issues to date, however for strategic planning purposes it is exploring other alternatives.

The EIS has commenced and to be completed end 2017 and hopefully submitted by then. Hit a timeline with this TNG!!
I think that with the inpex gas plant virtually next door then this EIS will go quite smoothly. As PB said " The same ducks fly past ".
In regards to exploring other alternatives then how stupid is it not to have a contingency plan in place just in case Darwin goes pearshaped. To mitigate the risk you need a get out of jail card. Imagine if TIVAN can't get off the ground because of some bureaucratic idiot and TNG doesn't have a backup plan, the uproar would be deafening.

Como Engineering & SMS

All the processes work, revised OPEX and CAPEX , optimised benefaction methods, a revised DFS with a revised NPV upwards of 1B. Not bad I say!!!

SMS are balls deep into this and have been for a while. Currently finalising the full processing flowsheet and  the final option for titanium pigment production. This says to me that they are in advanced discussions with a TIO2 end producer or producers for offtake.
Another product stream...Hmm maybe the NPV goes up again. SMS see the potential in TIVAN and with them in our corner batting like Bradman to get this over the line I am very confident in the project as a whole.

TNG has recently hosted the leading German government owned KfW IPEX-Bank GmbH, a specialist financier in export- and project financing with a dedicated track record in Export Credit Agency backed financing. The meeting was attended by the KfW IPEX-Bank mining finance team and the SMS group head of finance together with other SMS executives. The parties plan to reconvene in Germany once the revised CAPEX, OPEX and financial model for the Mount Peake Project is available. TNG is positive about the discussions to date and remains optimistic on the outcome. In addition, TNG has received non-binding expressions of interest for the equity component of the project funding. The Company’s Financial Advisor, Gresham Partners, is preparing a full financial model for presentation to KfW IPEX-Bank and other parties

Says it all!!
They have now named names. The SMS Head financier attended, He just doesn't attend these meeting with a minnow such as TNG investing time and effort again for nothing.


Working Capital

A pain in the A if a CR is needed but look at the other V explorers out the are already diluted as hell.

All in all I am happy with the Ann. I think people need to remember that TNG is a small company trying to achive amazing things. If that isn't work in the background then what is. Delays will always happen in a project this size with so many moving parts but hang tough anfd you will be rewarded.

Just my take on this and pick me to bits if you wish. Cheers HDD