Ann: Response to ASX Query Letter, page-4

I've seen them roll this one out to the ASX a couple of times:

"The TNC Board does not consider a delay in completing copper sulphate production at the SX Plant from the
Mt Norma stockpiles to be something that a reasonable person would expect to have a material effect on the
price or value of TNC’s securities."

That's all well and good, except they have been pumping positive cashflow from the beginning to fund the mining restart. Instead it's become a relatively significant cash drain, which means their initial 'funding model' is totally failed and defunct - in the current environment I would suggest that a 'reasonable person' might expect that to have a negative impact on the share price.

But that's just a sidebar, the real issues are deeper.