Ann: TNG signs strategic HoA with BBI Group, page-160

Hi Ando, I know you won't agree, but I think all is well. That is except for hitting stated time lines.


It has consistently been stated that TIVAN will be commercialised under the SMS /TNG development and marketing agreement. (5 May 2016 and other announcements)

We have watched on as other Companies start their own developmental metallurgical processes and pose the rhetorical question "why arnt they in discussion with TNG.

Well now we have a HoA with a big privately controlled player who has taken the leap and will explore any mannor of mutually beneficial developments. Having now read the announcement again it doesn't rule out any JV option or even TO of Mt Peake, The Refinery, paying Royalties to access TIVAN or even financial assistance. Probably the only thing off the table is the sale of TIVAN IP and that is because SMS own a fare part of it.

It seems to me the big difference with BBI is they are essentially owned by own private entity. As such they arnt playing shareholders, they just get on and do it. They have taken a majority interest in a commercial project and they want to get it to production as fast as possible, rather than play shareholders, bleeding funds, romancing about their own metallurgical processes and sucking BOD salaries. Na they wanna go into production yesterday.

The market is clearly cynical and sees this announcement, coupled with delays as an indication that TNG is unable to close permitting and possibly off takes. Well it's true TNG hasnt closed those deals and there is quiet which adds to the suspicions.

Dwelling on the thought that TNG had hit a brick wall. If that were so then wouldnt the Company have obligations to advise the market. It is required to announce all sensitive news, positive and negative. That would be especially so after assuring the market that all is at the pointy end in this transformational year. I accept that something hasn't gone to plan but that doesn't equate to complete derailment.

I'm thinking we are all going to get a massive surprise soon. Sure might not save the oppies in terms of a bonanza profit on excersise but if the Company is healthy then excercise the options and support the Company that will provide retirement liquidity.

Now I know you'll be pessimistic and I agree at the outset a well founded pessimism based on historical time lines and especially the "2014 play" which would not stand up to any proper enquiry.

Any way I have been consistently wrong to date but being optimistic at least gives me a spring in my step most of the time.