Ann: Breakaway Research Valuation report , page-20

Hi Pokerface, thank you very much for your statement.
Yes, seems Breakaway got some info from PB about a possible option for Mt.Peake or maybe this idea with an interest of about 40% in future revenues and a payment after signing of the contract is market standard or at least typical for this kind of projects.
Yes, their calculation model is different to the PFS and has different numbers but probably the reason is that with this option the new partner takes the project-risk and has to do the whole funding.
Agree, the big upside here for us is a potential longer mine life.
So we will possibly get 2 companies in the future. TNG-old has the mine and some early stage iron-projects. From now on it will last about 8 years until TNG-old receives the big payments from Mt.Peake production. (IMO we will get the DFS early 2015, then 2 years constructon and in year 6 of production participation on the revenues.) In between TNG-old has working capital of about $ 33 million which shall also be sufficient for doing some exploration on the new iron-projects without much further dilution.
Hopefully we soon have a "right market". Then we will get an IPO of TNG-new with all the other projects including Mt.Hardy. Guess we shareholders get shares of TNG-new for free but with the IPO they also have to issue many shares on the market to receive cash.
The conditions of the important funding deal for Mt.Peake could be more in favour of us if there is more than one party interested.