Ann: TIVAN update, page-39

The elephant in the room given the delay and requirement for working capital is going to be where will the short term cash injection come from?

I hope that we either:

1. Spinoff assets into new entity - but do we have the time to go to market?
2. Do a Deal with GPP or Gunvor - plausible given wording of recent announcements

Regardless(I'm sure PB has a plan) the work being done and the investment in "getting it right" are the right steps in maximising shareholder returns..

The PFS with Malaysian consideration at our current FX puts us close to 50% IRR, I think with all the improvements,
tweaks and expansions going on will see us much much higher... How much? 60+% will be my wild stab in the dark...

All the best team TNG, hope
to meet some of you in Perth for the AGM later this year.