Please stop drinking the TNG Kool-Aid. The data is abundantly...

Please stop drinking the TNG Kool-Aid. The data is abundantly clear whatever period you break it down to. TNG has very few broker relationships and I suspect zero institutional relationships beside our dumpers at Trafalgar Capital.

Example is the first 12 months of the data for PLS and YTD. Still UBS, Deutsche and Morgans Stanley at the start and increasing their contribution the closer to production.




Every large broker will have his spec clients that are willing to get into a company like TNG prior to absolute de-risking. Every fund manager has allocation in their portfolio for speculative investments prior to absolute de-risking. Every small cap long-short fund has balancing/offsetting positions for co's like TNG.

Regardless of sitting on the sidelines until de-risking events, you should ask yourself does TNG have the relationships with the appropriate brokers and fund managers. Are those relationships ready to go for the de-risking event. Ask Rex at the AGM when the last proper broker roadshow was - I suspect you'll receive the good politician answer that they had one booked in but had to delay due to the s249D. I think Burton has already stated something like that. They can get a term sheet signed but can't have a conversation with a broker. lordy lord!

The guys I think they should have relationships with have never heard of TNG. In fact, a spec resource broker that pumped enormous amounts of client money into co’s at similar stage in the development cycle to TNG advised a fund manager was investing in TMT for vandium exposure as the metrics of cost of production at $4.50/lb v pentoxide pricing was compelling. My response was there just a little company called TNG that will produce at $2.50/lb.

My personal statement about not committing anything further is due to portfolio allocation. I'm diversified for my strategic metals and I'd have to sell another to allocate to TNG which I’m not comfortable doing. That theory is risk management and optimal portfolio allocation. The 'big end' of town as you put it don't wait around for the final de-risking event (they couldn't get stock), they have levels of allocation for stocks like TNG and will gradually increase as the project is de-risked. Not take a giant position upon finance! There won’t be stock available if you get 100 funds playing that game. That’s not how instos and HNW money works.