Ann: Investor Webinar Presentation, page-47

no one wants spinco, but no one wants a pittance for Mongolia either.

TMK farmed out Gurvantees because they wanted to share risk and couldn't afford to progress the project on their own. That hasn't changed, actually, cost is worse now that the pilot is done.

The best we can hope for is pilot results excell and a we have more than one interested party who is happy to give us something reasonable above the others who want to pay peanuts...$850k is peanuts!!

Unfortunately, TPD has little leverage with which to squeeze a deal but at least any potential suitor knows STX can provide back up if needed... that's something l guess.

Fingers crossed for the pilot results!! My worry is, if TMK do want that 33% back at a bargain price will they be incetivised to constrict Gurvantees success - for now?

That's a bit unfair on TMK who have proven to be transparent and so professional.

All my own spec!