NST Report, page-13

The big problem - TAM has some 1.175 billion shares.

We do not know at this stage what the resource will be.

So simplistically the assessment may go like this.

From what has been published by NST to date is that they expect to produce 125,000 ozs of gold a year through CTP.

TAM will own 40%, so that equates to 50,000 ozs per annum.

PNR/BNR had a production of 50,000 ozs pa. BNR owned 20%. or the equivalent production of 10,000ozs pa. PNR paid some $22m for that 10,000ozs. But Nicholson had a small resource, but it is growing.

TAM will have 5 times as much production which equates to $110m or 10c per TAM share,

BUT as we don't know the resources and that will have some bearing on the final value.