Ann: Response to ASX Aware Query, page-6

Yes Barrick were deleveargimg in 2014 and divesting non-Tier One assets. Although the EKJV is a great asset for a little company it is not a Tier-One asset and has always been a very long way from being one. None of NST's assets are Tier-One going by Barrick's definition.

"A “Tier One Gold Asset” is a mine with a stated mine life in excess of ten years with 2017 production of at least five hundred thousand ounces of gold, 2017 total cash cost per ounce in the bottom half of all gold mines contained in Wood Mackenzie’s Metals Cost Curves Tool (<$748/oz total cash cost)."

Although Barrick has lost out on plenty of cash flow from selling the EKJV and they never did justice to the asset, their strategy of contracting to Tier One assets and merging with RandGold is a great move IMO. I think Mark Bristow is going to make Barrrick hum. He understands giving employees "ownership" of the assets they work on and is going to decentralise the power of the head office and promote tech savvy young peolpe andy contractors who can implement technological change which is becoming the way of the future with gold mining (see Resolute's fully automated UG mine development at Syama for a shining example of Australian/Swedish innovation and what the future will look like. Resolute is empowering themselves by adopting all the latest Swedish innovation into one project).

That's one area Mr Billis has failed on IMO. He has run these companies as a one man band and has never given anyone that has worked for him "ownership" of their work. These companies could be worth so much more IMO if there was a well funded professional lower managment team within the corporate structure. Why not take advantage of people? The late WA construction icon Len Buckridge, like him or loath him, built his success on people right across the class and educational spectrum. There is no value in any asset without the ingenuity and work of people. Peolee are what transform hard assets from idol inanimate and worthless things into productive assets for mankind. I think Mr Billis owes a lot of thanks to the few people who have assisted him on his journey and to his JV partners along the way, including NST, who have done the hard technical yards. Without all these people the company would probably still be spending the last 50 grand in its bank account into sinking exploration shafts over its good drill holes without any real plan. That explains why you could, like me, have been putting bids in during the 1990s at 3 cents with a good chance of getting them filled.

PS. I've been a small shareholder of Barrick since 2001.

https://hotcopper.com.au/threads/bottom-here.4428203/page-121?post_id=35823710#.XDLgHRo_WhA

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