Research Report, page-3

Value per share IIR scenario $0.36 per share, TNG scenario $0.54 per share.

This report although commissioned, doesn’t in any way spruik up the project, and represents very solid analysis. They have if anything underplayed our potential.

In none of these valuations can there be any TiVAN technology licensing or turnkey refinery sales factored in. It’s purely project based.

My view is one that follows that of management in that the Mt. Peake mine is a proving ground. Once it’s operational and the kinks ironed out, companies with undeveloped titomagnetic resources GLOBALLY, will be all over this.

There are huge titomagnetic deposits in Australia alone, with a lot higher vanadium and titanium %’s. Look at Todd and AVL for instance (neither of which are going anywhere soon). Once it’s known that for $800m they can get a turnkey plant operational within a year and develop their $10bn NPV projects, they’ll be all over this.

That’s only in Australia. Think about all those projects globally which would become very profitable with TiVAN technology in place.

If it all goes to plan, royalties from such plants in 5-10 years time will dwarf the earnings from Mt. Peake.

Investors need to think of TNG more as a technology company, and take a long term helicopter view.

Sure, the share price valuation for the project alone may realistically be around $0.45 but where will it be with royalties pouring in from refineries in South Africa, Brazil, Australia, Russia etc.?

Think of the dividends coming holders way once several TiVAN refineries are operational.

That is why I hold, despite management’s fumblings and naivety. The project has never been closer to becoming a reality.