Ann: Central Tanami Update,NST-TAM.AX, page-30

Hi Dfer,

I think the rerating in SP from 2c to 6c and back down to the 4c-5c range was mainly to do with the NST deal.

If you look at the Gold Chart, NST Chart and TAM Chart, you will notice that the NST chart closely follows the direction of the Gold Chart over the last 12 months. If you look at TAM however, you can see the impact that the NST deal had on the SP, but you can't see the same trend in relation to the recent movements in the price of gold, and I don't think that these recent increases have been fully factored into the SP.

The big things for me are:

- The company has no debt. This is a massive tick for me, in a world that is funded heavily on credit and debt
- We haven't seen anything yet in relation to the price of gold. I am expecting $US2000 an ounce within the next 12 months.
- After years of mismanagement, the company appears to finally have got their act together. They have quietly being going about their business, ticking boxes, ridding themselves of debt, and setting themselves up in a strong position for production, all at the right time, with the price of gold starting to come back.

I don't think that anyone really knows about this company yet.