Ann: TNG signs strategic HoA with BBI Group, page-153

Good question and deserves discussion. You’ve got a resource that has multiple revenue streams being V, TI and Fe. You’ve got bolt ons for something like the Ti pigment with an off take partner that is only interested in Ti and the process that gets them that product. That means you’ve got Ti off taker wanting to provide production financing (Boot), equity in where TIVAN sits (given they are funding pigment plant) and the Ti from Peake only (not V of Fe). You’ve got to split various parts off into subs and JVs. Throw in SMS....who knows what they want but given they’ve optimised TIVAN, you’d imagine they’ll want equity in any licensing revenue and to build the plants. You start looking at all the various pieces including potential equity partners, financiers and offtakers and it’s not just a simple structure under the one company as it presently sits. Make sense?