Ann: TNG signs strategic HoA with BBI Group, page-224

"What commercial terms would make sense to TNG? With the size of BBI's resource, they wouldn't be sharing the facility, that's for sure."

I'm not so sure. TNG has the technology that could be extremely valuable to BBI. TNG has bargaining power.
From the recent announcement re the HOA;

"The HoA will allow the companies to assess the potential applications of TNG’s 100% owned TIVAN technology to BBTVI’s resource as well as commercial cooperation and synergies in the possible development of the BBTVI and the Mount Peake Project."

If they are looking at synergies then it is quite possible they will look at increasing the size of BBI's plant by say 20 or 30% (at TNG's expense) which will likely be much cheaper than building two separate plants.

The base case would likely be a royalty which I discussed in an earlier post that I thought could be in the range of $7.5-$15 mill per year of risk free cash flow and I think that alone would easily justify a higher share price for TNG (with time). Obviously the synergies and/or standalone development of Mt Peake would offer far greater upside but it would be good to have a potential risk free royalty stream which for me provides a floor to the valuation if a deal is done.