Ann: December 2016 Quarterly Activities Report, page-37

Hi Speculator,

I remember reading over the past 12-24 months that one of they keys to NST success is the way they pick up reserve ounces on the cheap. $50 per ounce rings a bell but cant put my finger on where I read that.

So when you look at some of the names listed above (and others not mentioned) my suggestion would be that NST have a target per ounce they want to stay within either for acquisition or through proving up additional ounces.

One thing RSG are now doing which I think would also be a benefit here is hoarding gold rather than hoarding cash. NST have so much cash at the moment and a hedged book which doesn't give them as much leverage to the gold price. By hoarding additional ounces rather than cash, provided the price goes north, holders would get additional leverage to the POG. After all, that is why we invest in goldies in the first place.