German Recession, page-63

The SP is appallingly. An ironic aspect of the SP is it started its recent southward trek on the VINSOM placement announcement during September 2018.

Between September 2018 and now company critical announcements include;

The full commerial contract to design , build and guarantee the titanium pigment to Ti-Con, ( 26 September 2018),

Signing off of the Native title aggreement, (11 October 2018)

Binding off take for titanium pigment product, (30 October 2018) Later in 13 May 2019 signed off,

SMS FEED contract incorporating the process and product guarantees, 2 November 2018),

Mandate with KfW to arange senior debt funding (13 December 2018) ,

During 2019, following that series of key announcements, appart from the news regarding Titanium pigment product type and its patenting (5/19) there has been little of key significance, rather the announcements have been updates, reasons for time extensions, employment decisions and
presentation material.

It is now almost a year since Ti-Cons agreed to provide the detailed titanium pigment plant design and construction plans.

It has now been 9 months since SMS agreed to provide FEED requirements, they have been on this task in a less formal way for at least 4 years now taking the 2015 DFS as a start point.

We have been told for the last 8 to 10 months that the Refinery EIS is progressing well and due for filing June end 2019.

By inference it has been suggested that the Refinery EIS completion delays relate to refinements, which intern have caused delays in FEED, which intern has caused delays in Refinery EIS completion and around and around we go. (July 2019 most recent announcement)

These circular delays are wearing down market patience. Now we have a new low in SP , more that 10% below the SPP issue price of a month ago.

Substantive announcements are required. How can management award contracts for FEED and critical plant construction approaching a year ago and maintain a target date for EIS submission dependant on those contracts if the construction contact documentation cant be completed in that time. Its getting rediculous.

Sure as soon as the log jam clears the SP will respond but its so damaging on market confidence. Annoying. September next week. No more than 3 months to AGM. Some things must be close or the AGM will be a circus.