Ann: TVN Update on Acquisition of Speewah V-T-Fe Project, page-20

Hi Berocca11,

Yes, I have been in the mineral sands business dedicated to TiO2 for a long time.

I've attended many TNG presentations at TiO2 events and even chatted with TNG.
I and others agree that while the Tivan process is an ingenious new process, there are some gray areas that need to be clarified through sample production; no one has ever seen a sample.

Your comments on the Ti feedstock from Tivan need some corrections.
Currently, there are two processes to manufacture the TiO2 pigment, the sulfate process (SP) and the chloride process (CP) and Tivan being the third.
- CP requires a feedstock with a minimum of 85% TiO2 to start the chlorination: Tivan not eligible.
- SP requires at least 20% Fe to start the sulphation: Tivan not eligible.

So, no option for Tivan to find a partner with a downstream producer to process its feedstock or to sell it.
Some years ago, TNG has announced that it was in talks with TiO2 producers, without success.

You are right to say that the big players often mix their raw materials, but always respecting the specifications of each process, CP or SP.

Either way, TiO2 pigment is mandatory to make Tivan a success and I hope The Board will listen more to Simon Morten.