and here we are...near on 12 months on from the disaster that was the NTEPA, what have we achieved since then..not a great deal...a capital raise, November 9, 2021TNG Raises A$12.5 million in Oversubscribed Share Placement, a rehash of previous announcements complete with one or more carrots, November 23, 2021 New plant layout for Mount Peake completed by Clough (how many new plant layouts are required to encompass all the extra bolt ons being added, there seems to be a least one new one each year), December 14, 2021 Mount Peake Financing Advancing on Multiple Fronts ( project finance will be at 15%+ by the time the project is about to commence construction !! by the time the project gets the go ahead the interest rates may be back under 5%), March 3, 2022 TNG Advances Green Energy Strategy for Mount Peake( how much extra time will this add onto the schedule to get this project producing ?)...the usual pump prior to AGM..then the gradual fall of the share price to an ever lower share price....May 24, 2022 Successful Completion of Aquifer Drilling Program (yippee..woohoo...progress)..no CLC...February 14, 2022 Project Development Update, Activity Indicative targeted timing
Completion of value engineering and design by Clough Jun 22 Quarter
Delivery of an updated capital cost estimate for the integrated Mount Peake Project Jun 22 Quarter
Completion of borefield drilling program and application for water extraction licence Jun 22 Quarter
Completion of review of NPI items for tendering process Jun 22 Quarter....i wonder how many of these will meet 'indicative' dates.
Capital costs for the project will be an interesting one now that management have appeared to have out sourced costs 'boot'
PROJECT EXECUTION MODEL
The Company has progressed the project execution model to support the delivery of an integrated and mining and
processing operation at the Mine Site.
TNG is assessing revised proposals from SMS and Clough for the delivery of the Mount Peake Project, while retaining
production and product quality guarantees for the downstream processing operation.
The process to update the project execution schedule includes a detailed review of the contracting strategy for
delivery of both the processing plants and NPI, early contractor involvement strategies, Build Own Operate and
Build Own Operate Transfer (“BOO/BOOT”) planning, and project management structure.
The Company expects to finalise a revised project execution model in the coming months. Remember this was a February announcement...how long is 'coming months' ??
Management have been presenting here there and everywhere...Covid not stopping them like it has to the rest of the project has !!!
Above are just a few exerts from the last 12 months in the life of TNG
In summary, to say that management have been disappointing is an understatement and thats just one year 11
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