Ann: ********* Interview - Paul Burton and Herbert Weissenbaeck, page-67

For the life of me I can't tell if we have a viable project and finance sorted out.

On one side we have:

• A project with a NPV larger than some countries' GDP
• Fairly low remaining risk: a known source of debt finance, binding offtakes, process engineered to the finest details by a German powerhouse, product guarantees to be provided, NT Govt and other stakeholders surely wanting this to go ahead
• Management comments here and there suggesting that it is now merely a waiting game as all ducks are in line (e.g. "There’s no question about whether we’ll get the project away")
• Reasonably favourable market conditions
• SMS and TNG investing so much time and resources in FEED and other activities that it seems illogical to think all this work would have been done to then not proceed
• Further blue sky potential due to Tivan, which is an innovative and interesting tech
• A (finally) reasonably firm timeline which is relatively close in being realised (6-9 months)

On the other end we have:

• Recent cap raise a complete debacle: management showing little interest in buying shares, failed to raise even $8m, major shareholders not participating
• Company valued at a fraction of what it's reasonable to expect at this stage of play
• Price at historical lows and underperforming the sector
• A market largely ignoring the stock, always the same faces on HC, little daily volume traded (~$60k-$65k/day average in the last 12 months is peanuts. Even TMT and AVL which are worth a third or less than TNG both traded more $)
• MD still presenting at small-time conferences, with the same excitement as if he'd been sentenced to death
• Shareholders mounting discontent and management not giving a f***

What risks are we shareholders not seeing? What risks are we stressing about for no reason?

PB, it would be nice if you could wear the leader pants for once and provide a bit of clarity to the market. Thanks