Ann: TNG Shareholder Newsletter, June 2019, page-113

Hi Rumju, I do suffer from optimism. That is why my avatar has rose tinted glasses.

Why did PB not pay for and sell up the 6 mill shares?. That is a complete mystery to me, as is the benefit of VINSOM on our register. One would think that a person on his salary and with his knowledge if the company would have simply settled the deal. Maybe it had something to do with the kack of holder enthusiasm with VINSOM, maybe the indipendant chair said "unload". We had a recent example in NZ of a new chair bouncing a CEO for minor unexplained spending whos performance record was exceptional. Check out the John Key, ANZ, David Hisco affair.

As for the EIS draft finalisation, I axcept that previous timelines have been recklessly wrong. The current company climate appears to be one of more accountability and the rebuilding of holder confidence. On that basis i give more credence to timeline statements.

In a nut shell and based on the fact that SMS have been tying down the detailed engineering design since early 2016 and have developed an intimate knowledge of the processes asthey have evolved since 2009. Thats over 3 years.

On the titanium pigment plant component, it is with the assistance of SMS that the "breakthrough development"in the process has been conceived together with the refinements resulting in the new class product TNG360. While TI-Cons have taken on the tender of job of engineering design and construction of the plant with processing and product guarantees, this is after the processes have been developed and it is a team including SMS that have been behind this development. SMS have also given a comprehensive set of guarantees that appear to also cover the plant. My guess is the use of Ti-Cons is to spread the load, or for some requirment in the overall financing. I refer to the 2017 DFS were they stated that any further TIVAN developments would be due to financing or process and product guarantors requirments.

yep iv gone out on a limb, but we are in a new era of transperancy. I take the view if there is a major set back or restet of the timeline then this BoD would front foot it. We are at the pointy end and the preasure is on to get through this last permiting process punctually to give the market confidence. There is also the express suggestion that third parties are looking on. We know of Todd Corp and their Bella Bella project, im going to suggest that Windimurra may also be on the list. More on that later.

Also it appears to me that built into the EIS process there is provision for a supliment to to filed by the proponent after the public review and circulation of public comments. This is before the NT EPA report and doesn't trigger the suspention of the process. Its a kind of safety valve that can address any public highlighted issue not addressed. An astute Board could use this safety valve to enable any refinements in 5he Draft EIS and avoid what we experienced with the Mine EIS under the "other consultants".

Time will tell and im old enough to take egg on the face. Im booking for Perth in November and PB is on notice that this gotta be sorted or the Pukeko clan will be baying for blood.