TNG BRR, page-18

Hi Always, the indication is over the "next couple of months" befor we start to get substantive updates on finance. Logically some componets will be finalised before others. Aspects of the off site intrastructure and the concentrator will no doubt be ahead of the titanium pigment plant which will be dependant on Ti-Con to complete.

The first DFS was 2015 and comprehensively updated in November 2017. Since then there have been announcements on two significant advancements in TIVAN Refinery titanium feedstock processing for the pigment plant and continued refinement in the concentrator plant but the core of the TIVAN process remains intact. It has been said that many of the components are industry standard. I really think this process is well advanced.

For me its a priority to get the Refinery EIS in through public consultation. The NTEA have extended this consultation process from 30 to 60 days so if filed this month (16 days left) then its still September at the earliest before NTEA can produce their recomendations. Thats about the time indicated by PB for FID so im thinking busy as full of company making announcements October and November in the lead in to AGM late November. Saved by the bell!!!