Ann: NST: Update to EKJV Offers, page-14

I said it was a nice move.

With a fair value for NST's EKJV of $156 million I wonder what value NST's behind the scenes experts put on Jundee?

We know that Pogo changed hands for cash in an arms length transaction for $347 million, so that seems like another fair value we can use for valuation purposes.

Let's add up some of these fair values that we know about.

NST's 51% EKJV = $156 million (fair value)

NST's Pogo mine = $347 million (arms length fair value based on cash consideration)

That's a total of A$503 million for those two assets.

Now let's look at NST's market capitalisation of $5.9 billion and subtract these known fair values from that MC plus the $277 million cash they claim to hold

$5.9 billion - $0.503 billion - $0.277 billion = $5.12 billion.

This is the value of Jundee + non-EKJV Kalgoorlie assets + Paulsens and Tanami and a sprinkling of exploration ground. Good luck with that. Esh