Ann: TVN Update on Acquisition of Speewah V-T-Fe Project, page-19

Hey Sandboy.

Good point. To make pigment you DEFINITELY need a pigment plant. From your user name I assume that you are involved and familiar with the mineral sands industry?

The thing is pigment plants need feedstock. This is most commonly Synthetic Rutile but could also be rutile or even low grade Illmenite.

The big players often mix their feedstock depending on markets. In times of high prices and demand they will want the highest grade feedstock to maximise plant throughput. Low iron feedstock is a bonus.

TIVAN may choose to build a pigment plant based on economics or they may choose to partner with a downstream producer to process our Ti product.

Like you, I see TIVAN as disruptive to the pigment industry. Deposits of Illmenite are becoming very hard to find at scale, particularly in mining friendly countries.

I have faith that the project review will decide on the best Ti product for us whether that be pigment or some other Ti feedstock and are waiting impatiently for this review to complete