Ann: TNG Mandates KfW Bank for Debt Finance for Mount Peake, page-68

Hi Morry

Australian Export Credit Agency is Efic, I'm sure TNG are well aware of this Gov agency, funding with KFW and SMS is now a given, perhaps as with the Woojin Vanadium offtake now worth hundreds of millions annually, I'm sure prepayment was discussed, Titanium off take may also have a prepayment component attached when finalized.

A very important milestone today, I believe timing for construction maybe earlier with this sort of commitment.