Ann: Receipt of Section 203D Notice, page-84

I am thinking that the day is not too far off when TNG will have to choose from one of the following options:

1. Continue on track being to be both miner and refiner.

or,

2. Sell off TIVAN and just do mining.

or,

3. Sell off the mine and concentrate on commercialisation and roll out of TIVAN technology.

Personally, I think running both mining operations and TIVAN would be way too difficult and risky.

If one was interested to see what another company in a similar position has done, it is worth doing some research on Neometals Ltd (NMT).

TNG and NMT have much in common, ie have traditionally been firmly entrenched in the mining industry, both have long held mineral assets and both are in the process of transitioning to cutting edge technology that will add value to downstream products.

Something else they have in common, are very close links to SMS Group.

NMT and SMS Group have joined together in a 50:50 partnership in a new company that will roll out battery recycling plants around the world.

NMT has successfully avoided going into debt for the commercialisation of this technology by spinning off two of their mineral assets, (so far).

This has worked so well, that not only have they raised enough cash to pay their share for the first operational project, they had enough cash left over to pay a dividend to shareholders and have cash left in the bank.

Right now they are considering the spinoff of another mineral asset that will provide them with plenty of cash to upscale their first project and to build bigger plants elsewhere.

While we know that TNG has mineral assets (other than V, Ti and Fe), we don’t know how much, or how valuable they are.

Now would be a good time to let the market know.

If they are as valuable as I suspect, TNG would be ideally situated to follow the NMT pathway and roll out their own technology without the burden of excessive debt.

I know from my own experience that when NMT monetised their mineral assets, it was very well received by their shareholders.

Given that SMS Group has a foot in both camps, I would be surprised if this pathway has not been considered.