Ann: Becoming a substantial holder, page-20

Correct taytay, this is a common term in the junior exploration industry unlike calling regulated brokers with AFSL's dodgy. Let's face the upside in value in Tandarra has occurred due to work conducted by CYL, otherwise NML never would have been looking to farm it out. Personally I see the biggest upside for CYL in Four Eagles rather than Tandarra and CYL didn't have to give up anything to get Hancock involved as the JV partner there. If people have a problem with the way that CYL is being managed with regards to capital raisings and creating shareholder value then they can always vote with their feet and sell. In fact there is a challenge to all those who keep talking up NML, if you have such confidence in NML sell your position in CYL and put it all into NML. I know which ship I would be backing over the next few years to provided continued growth and value.