Ann: Mount Peake Development Activities Update, page-66

Hi Abishai, yep the time line moves like live the horizon when at sea.

But here's the thing, for me anyway, the timeline has been presented like carriages on a train, one key announcement following the other in some set order.

What seems now to be happening is each key announcement is heading to the finishing line individually and one gets the feeling that a number are going to cross in a group rather than in succession.

So while EIS (or rather its delay) has been seen as a progress block, behind the scenes progress on production finance and titanium off take seems to have been progressing well.

Net effect may well be that the Project itself will be on time. (There are a number of recent "utterances" that bother me, eg in the NT 10 Year Infrastructure doc it is suggested Mt Peake finance is scheduled for 2018/19). So there are signals both ways.

Against that the fact that Gresham Partners are currently completing the final financial model and that TNG has hosted a meeting with SMS and KfW IPEX-Bank GmbH on behalf of the ECA with the reconvening of the meeting scheduled on completion of the revised CAPEX and OPEX figures tells me that finance is well advanced.

What we may see happen is Finance approval conditional on EIS approval and Grant of Mining Licence or all 3 announcements following in short order. If that in fact were to happen then the EIS debacle while in itself being delayed won't hold up the project overall.

I'm not saying the current situation is not completely frustration, smashing any SP rerate and market confidence, but we may yet have a very happy end of year with a blow out of Company making announcements.

For me that series of paragraphs under the finance heading were very positive and was the stand out part of yesterday's announcement rather than the re scheduling off EIS approval.

Time will tell I guess.