Research Report

https://www.tngltd.com.au/wp-content/uploads/2019/11/191104-TNG-Research-Note_Indep-Invest-Research.pdf

A$0.369/share valuation NPV of $1,079M risked
FEED complete Mid 2020. FID to follow.
80% (by $ value) LOM offtakes
Approval of MMP & Refinery EIS expected by Q1 2020
KfW IPEX-Bank will be hands on during the FEED - a potentially readily financeable project
Revised FeO3 strategy of 500,000 tpa of high grade (+64%) Fe2O3 fines
The 3 DFS comparison is great - the recovery grades have improved from July 2015 90% V2O5, 70% Fe, 65% TiO2
This is what the Singapore conference will be interested in - A key aspect of the pigment production is the very low iron content of the TiO2 feedstock
the project is least sensitive to changes in capital costs....most sensitive to changes in titanium pigment prices.
there is currently no hydrometallurgical production directly from titanomagnetite concentrate as is planned for Mount Peake.
TIVAN® titanium product alleviates the requirement to dispose of iron waste
...some forecasting an additional demand of 300,000 t of vanadium over coming years
V2O5, at an intensity of 8.7t/MWh & 7.25t of V (12.94t of V2O5)

With KfW playing such a key role in both the FEED & raising of finance & the subsequent significant changes to the project scope, these time frames have a higher level of legitimacy than what we've seen to date. Mid next year FID, IMO, likely.