Great call reddeer. I probably haven’t felt this well set on...

Great call reddeer.

I probably haven’t felt this well set on this stock for years. We have literally come through the “valley of death” this year and are set to capitalise on what has been achieved. I’ve said this before but we are so match fit now. We have a Tier 1 team across Board, mgt and technical advisers which is equal to the quality of the resource and technology.

In my view, the key to shareholder value is securing capital with a strategic that strengthens the balance sheet as we pivot towards a PFS in Q3. As we source new capital, the aim will be not to dilute shareholder equity - so the form of that capital in my view may take the form of debt with convertible features.

Hopefully, DD on TVN by strategics is sorted by Q1 - with a Q2 announcement. I’m sure this is GWs short term focus as he hits the deck at TVN in early Jan. Also with the equity markets reacting to the belief rates have peaked and in fact may come off up to 75 bp in 2024, this should get the sector moving in terms of finding investors and debt sources. Hopefully capex modelling also normalises somewhat as supply side inflationary impacts improve.

A robust and sustainable PFS is key to bringing this project to life. We need a conservative and well modelled PFS across EPC project costings, opex, revenue guidance, FX and cost of capital re discount ate. The trick is to make sure the IRR is realistic not the 40% plus IRR numbers the sector loves to throw out - as we have already seen. I think Hatch, TVN and CSIRO combined will deliver a PFS of the highest order the sector has never seen.

Finally, let’s remember the energy transition isn’t going away and major countries are all looking to secure supply of critical minerals - hence the US IRA legislation.

So back to my pricing prediction pre the 24 AGM. I’m sitting at 35c.

It’s our year to shape. And as someone said to me “it’s gonna be epic”.

Wishing you all the best for the new year and may we manifest 24 as our year for TVN and us as investors.