Ann: Barrambie - Pilot Plant and Offtake Update, page-23

Yes, TNG has a good resource and much promise with the Tivan process. Agree with your SMS comment re location from Darwin to near Tennant Creek. I guess SMS have invested something to get first option on Tivan (whether its construction or operating linked or both). The green hydrogen power option is good ESG, but only indicative cost and no development timetable. I did look at TNG 5 years ago and it is now half the SP then with 50% more shares to dilute as needed in CR to cover management and other operating expenses. Since then I've noted many HC comments regarding SP volatility-shorters-BOD rewards - just seems a different management world compared to NMT. I understand Tivan must have had a "proof of concept" for SMS to be invested so long, but any word on a pilot plant like what SMS & NMT have done (albeit materials recovery is quite different). Either way if NMT can find merit in the Tivan process for Barrambie over the conventional or tweaked technologies, perhaps NMT would licence it or just takeover TNG. Plenty of space for different players in this with many uncertain factors to tackle before any or many actually go through all the steps to get into production. Plenty of others in the mix like AVL, ACP, TOE, EME, HRZ, TMT, etc all looking for dancing partners to ringing serious coin for development stages because the existing SHs having paying for their management costs in recurring CRs.
For me NMT is stable, focused, having positive cash flows and not reliant upon a single resource or product stream. But then again, I did get into NMT many years ago.
GLTAHs