Ann: Quarterly Activities Report & Appendix 5B, page-7

Hello loki - I still buy TAM on the lows when I'm able - 12 hour shifts

This came from the update dated 7/6/16

"...The Central Tanami Project is part of an ongoing JV with Northern Star Resources (Tanami Gold NL 75%; Northern Star Resources 25%) in which Northern Star Resources can earn a 60% interest by bringing the project into commercial production by 2018. The exact terms and conditions of the earn-in and the JV Agreement have previously been announced. Gerard McMahon Chairman.."

https://hotcopper.com.au/documentdo...KAxjvFDZpiwm1v1COseht/tJNT7rJHYsSXBVkNVHhlFA=

I think this 2018 date has been calculated by going back to the HOA dated 26 Feb 2015 and adding 3 years:

The HOA comprises the following key terms:
1. NST will, at Completion, acquire a 25% interest in the CTP for A$20 million, comprising a A$11 million cash payment and the issue of 4,290,228 NST fully paid ordinary shares (NST Shares), which have a value of A$9 million based on their 5 day volume weighted average price (VWAP) prior to announcement.

2. Upon acquiring this interest, an unincorporated JV between NST and Tanami will be formed and NST will become the manager of the JV.

3. NST will then earn a further 35% (for a total JV interest of 60%) by sole funding all expenditure and costs required to bring the project back into commercial production, which shall be achieved once the CTP process plant has been refurbished and is operated for a 30 day period or has produced 5,000 ounces of gold (Commercial Production).

4. NST will grant Tanami two put options to sell all its remaining interests in the CTP (together the NST Put Options):
a. the first put option will grant Tanami the right to sell 15% of CTP for A$20 million in cash or NST shares (valued at the 5 day VWAP prior to exercise) at Tanami’s election, at any time up to the earlier of 30 calendar days following achievement of Commercial Production or three years after completion of this acquisition of the initial 25% interest in the CTP (Completion). If Commercial Production is achieved more than three years after Completion, Tanami may exercise this option at any time up to 30 calendar days following achievement of Commercial Production; and
b. the second put option will grant Tanami the right to sell 25% of CTP for A$32 million in cash or NST shares (valued at the 5 day VWAP prior to exercise) at Tanami’s election at any time up to six calendar months after the achievement of Commercial Production.