Ann: Trading Halt, page-47

Very good find. Had a quick look at the Hastings scenario:

Hastings Project has a NPV of $466m at 8% discount rate and they need to fund $335m capex plus circa $45m working capital = circa $380m in total

- KFW kicked in $250m debt financial, or about 65% of required funding, subject to german export bank cover

- raising $100-$120m through equity, or about 35%

- had circa $20m in the kitty

TNG's NPV is $4.7m at 8% discount rate (10 times higher) and likely to need about $1b funding (3 times higher) for the mine and refinery.

DYOR and apologies if any of this is wrong or out of date. Interesting to compare given perhaps this is the type of thing TNG has negotiated with KFW and will announce shortly, even if only for the mine.