Subject to all approvals, permitting and financing being...

Subject to all approvals, permitting and financing being secured, construction of Mount Peake may commence in 2016 with first production scheduled for early 2018.

They are still putting that particular call out there. Interesting, and showing they still have a strong belief that the funding will before the EOY.

Mapping and geochemical sampling at the McArthur River Copper Zinc Project in the Northern Territory has extended the strike length of the highly prospective Wollogorang Formation by 8km. • Acquisition of new, highly-prospective zinc project in the Northern Territory for inclusion in the Company’s planned spin-off of non-core exploration assets.

The graphite potential of the Mount Peake Project is also continuing to emerge. This work is still at an early stage, however the graphite prospectivity at Mount Peake represents an exciting emerging opportunity for TNG, which will be further tested during 2016.

During the Quarter, TNG completed a program of mapping and sampling work at the McArthur River project, which successfully extended the known strike length of geochemically anomalous Wollogorang Formation sediments to 25km.

The recently completed geochemical work has outlined anomalism of a type and tenor similar to the three other anomalies outlined to the east and south (see ASX Announcement 16 September 2013). All are confined to the ovoid beds portion of the Wollogorang Formation and have a zinc-copper-lead character, with values of up to 1400ppm Zn and 1150ppm Cu. This anomalous stratigraphy extends the known strike extent by a further eight kilometres

I am torn between thinking that the TRR-spinoff/exploration/spinoff should wait until Mt Peake construction begins and "it's good to have more irons in the fire."

Putting my positive hat on, TNG are simply waiting for certain approvals (EIS) to be sorted before they can bind all the funding options together. ie, no binding commitments from Woojin/Posco/GECA until environmental approval granted. I can only hope TNG's hands are tied in respect to moving forward with finance because of this and with cash in the bank they believe the next best thing for shareholders right now is TRR work.

GLTAH!