TNG BoD email, page-34

Well Noodly you seem to be happy with a lot of assumptions...

All IMO

None of these questions require the release of commercially sensitive information. That is pure BS. These questions originate from the release of previous information of TNG itself and therefore deserve explaining to the market.

"As far as the Vimson deal goes I have read raising finance is getting a lot tougher this year"

That is you biggest assumption. There is always money for good projects and from what we know TNG is one of the best positioned. My research indicates a lot of existing SHs would have stepped up if asked. Why wasn't Sanlam used again? Where weren't SHs kept informed? Why a 20% discount given we knew of imminent announcements de-risking the project and more to come soon? Without Vimson, TNG would still have $10m in the bank which is more than typical since I have been holder over 5 plus years... IMO We didn't need Vimson money right now. If we did need then money then TNG please tell us what we needed it for. As you mentioned they were denied a board position so clearly we do not want their knowledge and expertise...

"I don't recall other companies in which I've been a shareholder broadcasting their finance deals before they happen."

You should read more. TNG introduced another Perth miner a few years back to the German export credit finance and they published road map. It was 9 or 12 steps and they were able to advise their SHs at what step they were at. Oh yes! very typical German to define the process down to its basic steps. I can't see how it is commercially sensitive for TNG to share with us what step we are on and what needs to happen. IMO we will hear a fiance update soon given SMS are now involved in the mine site.

"As with finance I don't recall any company in which I've been a shareholder broadcasting their ongoing negotiations, regarding such things, to the market."

TNG saw fit to announce to the market the engagement off Gresham. It is pretty clear they are no more. This is one example of many announcements that simply never get closure. Gresham have not been spoken of for 18 months. Recent announcements suggest SMS & Kfw are now looking at planning and financing the mine. This is good news

"Agree that we need a Chair, don't have an issue with that."

If you agree TNG needs a new Chair then vote accordingly.

"Refinery EIS is still ongoing according to last update."

PB stated himself 2-3 years ago that both EISs would be run parallel. Do you think it has ever been explained why the Refinery EIS was decoupled? This has never been explained and there appears no logic as to why they couldn't remain in parallel. The Market was never officially advised that GHD was sacked. We were only told APM were completing the work...


If the company announces a partnership or strategy or engagement they create another path or story to the development of TNG. It is incumbent on TNG to explain why those pathways (Vimson), if those pathways remain in existence (Gresham) or have run their course (GHD).

You might live on assumptions but I like many other owners of this business want to know. This means clearly defined and transparent communication. My confidence is 8/10 TNG will deliver. I am a 2/10 on having the right skills at board level and good communication.

Have a good weekend.