Ann: Mount Peake Project Delivery Update, page-68

I hate to keep referring back to the Core Lithium example, but its all just a matter of perception IMO.

Both Core and TNG have 2 EISs in play, both have only got 1 out of 2 approved by the NTEPA. Both have had further info requested on their 2nd EIS. Core's has been outstanding since October 2020 (in relation to the underground mine - open pit has full approvals), so almost 12 months, however Core has been able to raise money, excite the market and get on with business of getting to FID and beginning construction by the end of the year. The underground mine represents more than half of the resource for Core's stage 1 so its a critical piece of the puzzle, especially for FID. Core has also had the additional tail winds of a sky rocketing spodumene price, which obviously helps the market allay some of the environmental risk approval fears.

TNG is in a very similar position, vanadium price is rising, its relatively close to Financing/FID, and it won't take much to change market perception. The market can forgive very quickly when there is money to be made.