Ann: TNG Mandates KfW Bank for Debt Finance for Mount Peake, page-36

Hi AJ

Alot of work has already been done.....maybe this will speed up the process. I think that having SMS in our corner will be the making of the whole project.

KfW IPEX-Bank has already been working closely with SMS Financial Services and TNG to refine and optimise the Mount Peake financial model for the CAPEX and OPEX assumptions during the FEED study, led by TNG’s strategic engineering and construction partner SMS Group. Through this early involvement, the parties will aim to achieve an improved debt/equity structure that is tailored to match the robust economics of the Mount Peake Project. This approach has already resulted in a positive outcome, culminating in a presentation and meeting with senior KfW IPEX-Bank executives at TNG’s head office in Perth