Ann: TNG Shareholder Newsletter, page-39

Hey Maxter,

Good thoughts and with the upmost respect I am not sure the two paragraphs support your theories.

1) Off take for super clean vanadium

The first paragraph specifically says "developing other exciting growth opportunities for TNG inthe renewable energy sector, leveraging off our ownership of alarge vanadium resource and our ability to produce a vanadiumelectrolyte product"
We have known for years TNG can produce electrolyte so is this really a growth opportunity for TNG? or is it just another revenue stream?

The 2nd paragraph states "provides potentialnew revenue streams to deliver significant long-term value forshareholders."
TNG might consider selling electrolyte as additional revenue stream however, this narrative has been going on for years and so I guess I don't see it as a new stream. The words "significant long term value" seems to suggest something beyond the life cycle of Mt Peake.

2) adoption of TIVAN processing refinery by other titanomagnetite based projects creating royalty stream for TNG.

IMO this theory is challenged by the words in Para 1 "inthe renewable energy sector".
With a name plate life of 40 years I think we have always known the refinery will have capacity beyond Mt Peake. Be that in volume or years....


Don't misunderstand me, I would love for TNG to make revenue off your points.
I just think their narrative is pointing to something else that is growth beyond what we know and in the renewal sector.

Good luck to us

Cheers Rhino