Ann: MD Presentation, RRS Investor Conference, page-15

IMO investors are heavily discounting what the TIVAN process will do to the feedstock and pigment markets. l

the way I see it there are three outcomes:

1. TNG gets to production as is. I don't think TIVAN ever gets proper value in this environment. We are simply valued as a mining multiple of our EPS, and subject the the commodity pricing market.

2. TNG gets taken over (TIVAN included). Someone is going to have to pay top dollar to get what will be a quality mine and a an industry changing technology.

3. Mt. Peake/TNG is acquired via scheme where shareholders will get $x for every share and TIVAN is spun out to go on and bring to production a Mt Peake every five years, creating recurring revenue and being valued like a royalty company.

I'm betting on 3.