Ann: Top End Minerals Corporate Update, page-6

Time for ASX to show its stones and make an example of the previous directors. What a joke.

Notwithstanding that, be interesting to see how this one plays out. The CRML transaction expires near the end of August and given thats the key transaction for the whole forward plan, they will be trying to either get a deal done for funding or trying to extend the option. How much of the Long Keng 170kt high-grade inferred resource is left was to be determined during the option period but you'd think <5 years supply at current production rates.

Now the the 6/6month option on to purchase Bawdwin for US$20m. The historic 1997 halo resource numbers are sizeable. Drills have already been working, JORC open puittable resource within 2 months - thats quick. Scoping study underway as part of due diligence.

It was good to get an update for the Namtu slag due diligence. 2.3mt @17% historical resource, approx 150kt/year would provide sufficient interim feedstock for 18kt refinery production and surety of supply provided the metallurgy works out while exploration is ongoing for new in-ground resources. The ownership of this resource is a bit unclear though, doesn't seem to be part of the CRML deal or have i missed something?

Look to be attempting to take large position in the region, but how are they planning to fund it? Significant CR and major dilution a certainty. The initial CRML deal alone is >4x the market cap.

Creasys fingerprints are all over this one:
- Creasy one of the vendors of CRML and also provided some finance for the option.
- Creasy provided finance for the Bawdwin option
- 'A new board supported by the Companies financiers has been appointed' - Creasy replacing the deadwood with new blood in preparation for the transactions ahead?

Maybe coming to the party for part of the CR - essentially a backdoor listing of part of his share of CRML to gain some liquidity in his holding while he still holds a chunk privately? From memory he did something similar to farm his WA Potash tenements into APC and ended up with 20% of the listed shares in the company. Still major dilution but end up with Yandal as a major shareholder wouldn't do TND any harm (and would make sure corporate governance is up to scratch going forward).