Charlie Wong I think you will find CIP cost $19m, built by Como engineering in WA. It’s going to Tennant Mining in NT. Funny thing, a company that used to own Great Australian Mine before Round Oak Minerals sold it to TNC was Tennant Holdings. Hmmmm! Not sure what it sold for? Someone said $1m don’t know. It’s quite a good quality CIP plant. Anything built by Como Engineering is top Quality. What I do know is there will be another cap raise soon because TNC still owe Perylia $15m for final Payment for Mt Oxide, due early 2025. Can’t see mining starting in 2024. The wet season can start anytime from mid September-October till end Feb.TNC just doesn’t seem to be able to get a break. Probably start mining in Feb/Mar 2025 but will need another $15m for Mt Oxide and minimum another $20m if mining is to commence. So another $35m seems due for cap raise, after this current raise, if mining to start. Thats an issue of another 700m shares @ 5c. I think they have the ability to raise it from shareholders, because Tembo is in so deep now they don’t have much choice. Sometimes when you have so much bad luck just takes a little longer. Lots of shares trading, 4m today holding up the price. Good to see support from major shareholders.
TNC Price at posting:
5.7¢ Sentiment: None Disclosure: Not Held
