Ann: Quarterly Activities Report, page-18

First, I tend to agree with Eshmun about the Kalgoorlie operations.

This is 2 quarters in a row that I've been disappointed with the reports. NST's bank balance has remained about the same for 12 months now. That shows they are still investing high amounts of capital even after telling us 9 months ago that the heavy capital investment period was over. Obviously not so!

Tanami is a slow trip to nowhere so far and that disappoints me. Paulsens looks a lost cause even when I put my rose coloured glasses on.

Jundee operations and the recent good exploration results are the good news. Fantastic in fact and it is a magnificent achievement by NST to make Jundee into a Tier 1 asset again.

Let's hope we see some good results and some actual Free Cash Flow this June quarter. Underlying FCF will only be acceptable to the market for a short time and that time is getting close to over I reckon. Otherwise I fear the SP will be under pressure. NST management have credits in the bank but the market will run out of patience sooner than later.

Cheers