Strategic Review, page-39

You can imagine the commercial attraction of Arete having SGM and its processing plant and NML discovering millions of ounces of gold only a few kilometres away. Arete will want St Arnaud and the Stawell leases and KLA will want Tandarra. This polarity is why I was furious when they did the SVY jv deal (in my opinion for free). SVY finding their porphyry would have been a bonanza for surrounding lease holders and potentially pulse NML into a space where they could self finance their own projects. Our best hope now (and it’s a reasonable chance) is to get a major drill hit (most likely at LL) to get a rerate. I’m sure we will see big moves shortly but the huge $$ are in staying in the game for the next few years. Vic gold is going through a once in a lifetiime rerate and NML May have the best runner in the race. GLTA.