Ann: Project Development Update, page-36

TNG really can't resist investigating and fine tuning.

We're back jumping through the same hoops of 2 years ago when they decided to investigate middle arm, then went on a merry adventure wasting shareholder time and money not realising it was a fools hope.

And what's with the drilling for water? I thought that was done already.

It would be great to be a fly on the wall in the TNG office for a day. I think that would tell me more than these announcements whether this is a goer or not.

This is the real kicker though on page 7 in fine print:
"Note: The indicative targeted timings for the pre-development activities for the Mount Peake Project are estimates only which are subject to
risks, uncertainties, events and assumptions outside the control of TNG Limited; including impacts and uncertainties related to the Western
Australian Government’s recent announcement on maintaining the closure of the Western Australia borders indefinitely and their
management of the COVID-19 pandemic, and time frames advised by the various agencies and consultants."

Sewing the seeds of not meeting the targets even though they're only 5-6months away. You can't use something that's a known quantity right now (borders not reopening), as an excuse for not meeting a deadline in 5-6months time. You should already have factored that in.

But lets look at the positives.

The schedule they've laid out looks good moving forward.
But I am a little bit weary of how feasible it is to submit the revised environmental impact study for NT EPA approval in September 22, then be making a final investment decision by December 22.
I would think that approval process could take months, and a final investment decision cannot be made without all approvals in place.

It'll almost certainly push into 2023 at this point.