Ann: LOM Binding Offtake Agreement with VIMSON Secured, page-62

to have secured a Binding Offtake in this climate is no small achievement so well done to PB. the first compliment he has earned in a long time from me.

to purchase "up to 100%" of the iron is not unusual in commercial drafting terms? it most likely contains conditions requiring the ore to be provided at market rate and/or exclusivity provisions where VIMSON agrees to purchase ore from TNG before going elsewhere.

and yes, i am as equally frustrated in the delays in this project. mostly due to the fact that the EIS for the mine and the refinery were not processed together? why one after the other as opposed to doing them simultaneously? incredibly inefficient and probably added 18 months delay to the project, minimum.

IMO this project inst worth anything until the EIS for the refinery is in hand. this is a 2 for 1 deal, mine and refinery. Until the EIS for the refinery is approved you cannot finalize Feed, Capex Costs or Finance. However, once EIS is approved, we are in serious multiplier territory. 80m market cap and a 2.8bil market cap - you do the math.

our biggest risk is the amount of cap raises and dilution to see us through to refinery EIS approval and what our share price will be on a FID decision (further dilution).

Disc: held since 2015 (way to early should have got in now!)