Ann: Iron Oxide and Titanium Dioxide products, page-9

Excellent posting Session.

agree with your assessment of the announcement and its implications on Capex, HPA recovery and that it contributes towards de-risking the project.

Work such as is being done by BoD is necessary to de-risk this project to the point where it is attractive to the potential suitors such as Twiggy, RIO, Gencore for JV or TA purposes and even a BFS outcome that attracts Debt Financing. Lab work, Geology, testing etc is slow and can be boring not exciting news like drilling but it is the only way to get a good outcome with the PFS in Sept which we need. Now some of us believe and know this project will come of age but Corporations and Banks require evidence based in facts.

Todays announcement has meant a much lower Capex with better outcomes for final product recovery and is really quite important to the bean counters and ultimate decision makers.

TB will have a good very case to present to the big mining companies when the PFS is completed. Remember its a resource which has to be mined in this world of dwindling, easy to access mineral resources. The question is who is going to be the one to do it.

Session what would this do now to the Capex ? What's your figure for it after todays announcement?

Yak52