TNG Limited (AU:TVN) has released an update.
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TNG Limited has announced a non-cash impairment, writing off the full carrying value of $57.35 million for its Mount Peake Project after refocusing its strategic efforts on more promising projects like the Speewah Fluorite Project. The impairment, which has been recorded in the company’s audited financial statements, is a write-off of past expenditures and will not affect TNG’s current cash reserves. This move aligns with TNG’s revised business strategy and is intended to optimize future tax positions on successful project developments.
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