Ann: Quarterly Report and Appendix 5B, page-2

Spending should further decrease next 1/4 - I see the note on care and maintenance ($201,000 for the 1/4):

On 28 November 2017, the Company completed the sale of the Western Tanami Project to Northern Star (Tanami Gold) Pty Ltd. From that date, the Company incurred no further care and maintenance costs

I see a further note made for 1.2(e) $480,000 for the 1/4:

2Roles within the Company are performed by either Consultants or Contractors, these costs are captured in 1.2(e)

$480,000 divided by 12 weeks = $40,000 a week roughly this figure should reduce dramatically given the sale of Western Tanami and NST doing all the work on the CTP IMO!

Good to see NST doing something on the CTP in the 1/4:

During the quarter ended 31 December 2017, following activities were undertaken by NST:
• Regolith mapping of the CTP mine corridor;
• Aircore drill design for the CTP South area;
• Geological mapping and sampling continued over Black Hills and the CTP South area, covering Jim’s, Camelbore and Gailfrey prospects. Weakly anomalous results up to 20 ppb Au returned;
• Field reconnaissance, geological mapping and rock chip sampling in the Suplejack/Crusade area. Anomalous results up to 248 ppb Au returned;
• Additional magnetic and gravity data inversions in the CTP South and Central Mine Corridor areas;
• Crusade and Carbine internal resource estimations completed; and
• Anomalous rock chip sampling results (up to 158ppb Au) returned from a >300m long zone of hydrothermal breccia identified southeast of Jim’s. Additional mapping and sampling carried out. 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.

IMO next 1/4 should only see exploration and evaluation gone ($89,000) + ($201,000) gone from C&M on Western Tanami plus admin costs should be a lot lower than $480,000 given NST are running the CTP.

The whole remuneration for 2017 for the executive and non-executives was $383,250 or around $95,000 a 1/4 plus a company secretary phone /office - should be well under $1m a year PA in total outgoings with nothing else going on.

So they still have 750,000 NST shares (paying a dividend) + $7.25m in cash if they sold the 750,000 NST shares they'd have another $5.75 * 750,000 = $4.3m..

Maybe the whole set-up should now be on C & M - unless something comes up outside of the CTP/NST arrangement?