Ann: Quarterly Activities and Cashflow Report, page-2

Seems like not much has happened over the last quarter except for phase 1 drilling and commencement of phase 2.
Next 2 quarters should hopefully bring some more activity from managment. Looking to be a big year for NAE with hopefully some good results. Plus outlook of coking coal, tin, tungsten and gold all looking strong and performing nicely.

Competion of phase 2 drilling
Results of phase 1 & 2
Resource update
Lochinvar exploration program
Otago field work of southern ground

Still also have $1.3m in cash and an EV of $2.7m for all 3 projects. Should be a lot of upside from these prices if results are good and managment can secure a strategic partner or funding for Lochinvar