Ann: Quarterly Activities Report, page-14

I started buying NST in 2014, can't remember but middle of that year from memory. I saw the divergence between gold price and NST trend. I wish I had kept my first purchase back in 2010 or 2011 when I attended a Resource start lunch presentation. I didn't know anything about gold and the relationship to the economy and all that jazz but I was very impressed even back then with just Paulsen.

Anyway the smart money over the long term has ensured that valuation remained at the high end because of what they see him being able to do. I don't try to work out the fundamentals of over or under priced because I don't want to re-invent the wheel. Plenty of industry specialist have already number crunched and recommending to their insto clients so I just follow the trail from the chart because I can see it. Raw PER I believe can be misleading with capital intensive companies and mining industry has a different PER average to the Industrials.

Lets see if Tanami project will add to the revenues going forward.....