Ann: Boardroom Radio Broadcast - Mr Paul Burton, page-36

PB is shagged, in at least 3 places he showed that he was in need of a good sleep.

Well "Countdown Calandar" 《tm》 concedes no either announcement pre AGM. A BRR does not count as its more of an update not an announcement.

So financial model is ready for presenting to ECA and the construct of finance turns on their "contribution" with other banks and the equity component to follow. As I read it the ECA will make their decision in the "next month or two" (refer 3:55 to 4:20.)

Everything will be conditional on approvals, licencing and permits but that's standard and he's globally given that 6 months. That must include the Refinery EIS as well.

Thinking it through all the indications are that the ECA contribution will be for The Refinery construction.The BRR makes no distinction between the mine and the Refinery except at 2:50 when PB talks of the tendering process.

I find the whole mention of tender process for fixed cost components rather interesting in its self as tendering is usually about pricing and here all costs have been fixed. Then throw in the Comments in the DFS where TNG caveats the CAPEX costings by noting that curtain prices are based on component construction in identified countries and that will be subject to ECA approval.

Anyway from where I sit,

1) no more milestone announcements before AGM

2) Finance timetable is a little confusing but iv distilled it as best I can. Welcome others view.

3) Mention of six months has to include all approvals for Refinery as well as Mine.

My thoughts.