New Top 20, page-23

Just to pin onto LST's thoughts;

TNG’s Managing Director, Mr Paul Burton, said the MOU with SMS group marked a highly significant new step in the Company’s financing and development strategy for the Mount Peake Vanadium Project. “By agreeing to pool our respective patents and technologies, TNG and SMS group join forces in a powerful combination which we are confident will mark an important step towards securing financing for this world-class project,” he said.

“This cements their involvement in our development consortium and ensures we can now draw on the technical expertise, technological prowess and financial strength of one of the world’s pre-eminent metallurgical engineering and plant building groups moving forward,” he added. “SMS group is one of the largest users of the German-based Export Credit Agency scheme, and their close involvement in the project gives us the opportunity to access to this highly attractive financing option for the project.”

The above talk from PB is why I think it's a huge step with locking in SMS and the smallish contribution of funds to keep the bills paid and not asking for a handout from us shareholders.

GLTAH