Ann: TIVAN update, page-41

Hi all. Couple of great announcements and yet no positive market response. Takes me back to prior years when every time there was good news the SP dropped. Crazy.

Clearly the time line has been nudged out a couple of months but this was always flagged by PB, in every other respect the announcements are positive and it has been correctly said the de risking is substantial coupled with significantly. reduced CAPEX costings. As I see it the reduced costing will obviously bear on finance in a positive way but also strenghten TNGs position when finalising the terms of the Hiundai buy in so its a gem for the future.

Of note for me is that the Euro connection still remains a mysterious shadow. Remember the previous hint that this party may be interested in an off tske5 together with a US entity for vansdium. The TIVAN update and added purities could assist in that space. Dont know if readers picked up the UN enitiative for an accord on co2 emmitions now running at 34bill tonnes anually and of major concern.

I guess the take is traders or short term investors cants see 6 months ahead. No doubt savy investors can and Will be handsomely rewarded for there forsight as it would appear the top 20 expect to be with there increased positions.