Ann: Mount Peake Project FEED Completion Update, page-30

Way back, November 2014 to be precise, TNG entered into a HoA with Sinometal to take between 500,000 tpa and 1 mill/tpa of magnetite concentrate.

At the time the BoD anticipated signuficant hurdles in aranging finance fir both Mt Peake Mine and the Darwin Refinery. To keep the ball rolling a two stage development was contemplated.

One draw back identified by a research agency at the time was that by selling the magnitite concentrate there would be a depletion in the measured resource without the profits from the added value refined products. We now know that the actual resource at Mt Peake is significantly greater (measured and not measured) than the resource used for DFS (refer to the announcement of 15 April 2014)

With the Benefaction plant now costed there would be no reason why the Mt Peake mine and Benefaction Plant couldn't be constructed independantly of the Darwin Refinery. Or even dare i say it seperated off and sold with suitable supply agreements in place to feed the Darwin Refinery when constructed

Food for thought.