Ann: Quarterly Report and Appendix 5B, page-4

Im not sure anyone is looking at TAM anymore. I find it strange that NST takes a 19% stake in Echo Resources and the stock triples...yet, NST are in the process of taking up to 60% of the CTP project and its completely ignored. And they wont stop at 60%... Further to this, they bought 100% of the Western Tanami project last year...yet people aren't convinced they are committed to the region.

The big news to come out of the quarterly for me was this "Aircore drilling programmes for both the Black Hills area and the Jim’s, Camelbore and Gailfrey prospects in the CTP south area, have been designed and will be commenced following the wet season." Previous drilling at Gailfrey had hits of [email protected] and [email protected]/t... what do you think happens to the stock if they get hits anywhere near this... the stock is trading at 21 x EV/Resource with the rest of the market at 80-100 and we're getting free carried into production by a tier 1 partner. Im not sure you can ask for much more.