Ann: TVN Tivan to Acquire Speewah V-Ti-Fe Project, page-49

As did I, more than 4 years ago, with a view that a large scale project (be it Peake plus DPF or Speewah plus DPF) would take an enormous effort to get it across the line. So not sure what your point is regarding miners with value add process as TiVAN is still the value add process that you talk about, just with a different deposit supplying it. Peake, according to PB back then was strategic and world class, and perfect test bed for TiVAN to prove that even lower grade ores can be processed using this technology. SMS coming on board with enhancements to TiVAN despite Peake's lower grade was another reason for investing in TNG as they were material to the testing of TiVAN done in Europe I think.

Back then PB also mentioned having spoked to KRC about TiVAN but nothing material seemed to have come from it - until now. So TNG records may have shown GW and team info that was worth looking into further in their RRR process.

Post Covid, the inflationary pricing and resource constraints may have made Peake a poorer option compared to Speewah, which is in a more mining-friendly jurisdiction. And with Speewah, GW can afford to play NTG against WA and vice versa as, the way the strategic plan for Middle Arm is developing, it could add delay which is out of TVN's hands. This has been pointed out by a few posters too.

Darwin was offered as location by NTG which is why we skipped from initial option of Malaysia. But in hindsight, not sure how much handle PB had on the whole NTG landscape and how best to deal with it to progress TNG. The fallout with NTEPA certainly may not have helped matters! NTG changing leadership over the years and moving goal posts with red tape and so forth also contributed to delays. And as Ando has been saying all along, if TNG was not close to the scene in Darwin, red tape and lack of local relationships would just add to the delays.

As a LT SH, I believe the BOD is right to review and change direction and welcome the news today. The previous BOD lacked accountability and were plodding along. So to you its Disallowed sales pitch - but that's what the current BOD inherited. You are welcome to an alternative view but I will not comment any further on this and will await updates from GW and team over the coming weeks/months and decide if I stay on board or jump off.