Ann: Quarterly Activities and Cashflow Report, page-23

Im not nitpicking here but im a little confused. Attached exerpts from 2017 updated DFS which promoted the significant refinements and optimisation of all processes for costing. It also built in 5% for contingencies and a little more for EPC management totalling $AUS 105 mill, so 13% of stage 1 CAPEX.

Then in February 2018, 3 months on, we are advised that a whole refinement component of the TIVAN titanium pigment process can be eliminated enabling feedstock to go straight to the pigment plant at significantly reduced costs.



Under the finance mandate now kicked in KfW are lead adisors to organise $AUS850 mill ($US 600 mill
) debt finance package which subject to some refinments is aproximates the updated DFS costings.

Lets throw in a figure of $AUS 50 mill from NAIF as its reasonable that there will be a contribution from that quarter so say 6% seperately on the table. 

Why are TNG already talking to potential equity partners when the debt funding mandate should cover Stage 1 CAPEX??



Again apologies for the fact i cannot place attachments with any acuracy under new format..