Ann: TNG Mount Peake Project - Capital Expenditure Update, page-34

TNG Change of Management | Update 45

To all Shareholders and Stakeholders

Consistent with my statement of 10 October, I am not yet in a position to resume AMA sessions, to address the many questions that all Shareholders and Stakeholders are due answers to. This remains the legal advice. I expect to be back online shortly after the Notice of Meeting is issued, and not later than 31 October.

Regarding the CAPEX update, the 'significantly higher' guidance, the lack of details and the delay to mid 2023, were inevitable. Current management does not have a plan for Mount Peake. They are kicking the can and playing catch up to continuous disclosure obligations. For reference, I have included below 14 minutes of footage from AMAs conducted on 9/16 September, where I discuss this important topic at length.

Independently of this, the decision by current management not to attend the NT Major Projects Conference in Darwin yesterday was reprehensible. TNG was designated as a keynote presentation, and the conference was the most important event of the year. The no-show was deeply damaging to the company's standing in the Territory, and at a pivotal time.

For November, my position is unchanged. I will recommence the campaign for Change should Mr Biddle and Mr Burton not have resigned.

This period of chaos and value destruction must urgently be brought to a close.

Onward,
Grant
Nominated for election as a Director of TNG Limited