Yes, I'm definitely referring to the share price. The share...

Yes, I'm definitely referring to the share price. The share price being the reflection of how the market assesses both past performance and future potential. The market is telling us, via the share price, that the effort of the past four years has not increased the value of the enterprise at all.

Now, you are well within your rIghts to point to all the amazing achievements of the management team over that 4 year period to declare how much closer to the finish line we are. I'm well within my rights to say hat by the only measure that matters, they haven't achieved anything.

This is an investment. Would you care to defend TNG as an investment over the past 4 years?

And by the way, looking at other measures below I don't believe we are setting the world on fire:

- mining license
- TiO2 offtake
- refinery EIS
- finance

Fire away...