Ann: TNG expands tenure with existing JORC resource, page-9

A little left field but logically makes sense. Thinking out loud....

1. I don't think it would impact financing as debt facilities and/or pre-production financing agreements have a specific use of funds written in so perhaps it is as simple as any test work on Kulerga can not use those funds.

2. I am thinking the strategic rationale goes further than potentially supplementing mid to long term Mt. Peake concentrate feed for TIVAN given ou5 LOM is now 37 years on the revised DFS. Perhaps the Mt. Peake FEED (as I have expected) indicates TIVAN is 'bulletproof' for that particular type of ore body but this move has everything to do with enhancing the commercial viability of TIVAN across ore feeds. I had breakfast with chap a few years back who suggested to me that TNG had reached out to test his sands resource for TIVAN. If we all think that TIVAN is the game changer for V and Ti industries, mineral sands/ilmenite is the next frontier and logical progression.

3. If I had a 2 year period of construction ahead on me that my EPC will be driving, I'd be taking that time to do this type of work.

4. Announcement is pretty clear to me that Mt. Peake FEED/Financing is front and centre.

5. I could be wrong and its smoke and mirrors for delays....only PB can confirm....come on Sir, time for a BRR.