Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-35

Where do I start with this announcement?

Let's go back over these timelines to try and put this puzzle together:

1. 22 March 2022 PB chats with Kerry from Small Caps and states updated CAPEX expected very early (ie April 2022) next quarter,
2. 27 July 2022 release of June quarterly showing expenditure on "(d) engineering, exploration & evaluation" = $2.123m (but no CAPEX $ update),
3. 20 October 2022 announcement confirming the CAPEX estimate would be significantly higher - but no $ value provided, and
4. 26 October 2022 release September quarterly showing expenditure on "(d) engineering, exploration & evaluation" = $3.460m (but no CAPEX $ update).

So in the last week of March 2022, PB tells us he expects an updated estimate very early next quarter, and in the following 6 months to 30 September 2022 (excluding first 3/4 weeks of October 2022) TNG has spent $5.583m on "engineering, exploration and evaluation", yet the updated CAPEX estimated $'s that PB was expecting back in April 2022 still can't be quantified, and we find out more work is needed (not just waiting for costs to come down) before Clough can/will do so, hopefully by mid 2023 - OMFG!!!!

Words seriously defy me, other than to say bring on the CMT.

Link below to Small Caps interview on 22 March 2022 - listen to PB at around 8 min mark talking about expecting updated CAPEX in April 2022!!!