Ann: Resources Rising Stars Presentation, page-69

We've talked about it dozens of times over the years, but imo TNG does have a base enterprise value that could be attributed to only the TIVAN IP. If it is truly an industry disrupting technology, as SMS and TNG say it is, then such a tech does not simply just get left to never be realised just because TNG couldn't pull it off.

SMS have pumped a significant amount of their own resources into TIVAN (hence the reason they get 50% of the IP), seemingly on an on-going basis over several years. Whether it be due to permits, titanium offtake or finance issues, if TNG can't get Mt Peake off the ground, then I personally believe that SMS will move to buy-out the IP. Who knows what 50% of the TIVAN IP might be worth though? $112m perhaps...