Gold, Trump & NST, page-20

There's only really one domestic party that fits the mix for NST, local bankers have already highlighted this and are chomping at the bit to proceed because of the risk/reward to their own purse. Internationally, there are a couple but to single out one or say that there will be a bidding war is for a later date. As gold rises in USD, deal probability escalates due to general investor interest and more importantly international institutional support (where the capital for such activities emanates). Company boards become agitated for growth and see the use of dept as a logical option to grow their asset base and increase their own share prices via synergies and bolt-ons.

I like NST (EVN also) for these type of deals because they bought tier one assets at the bottom of the cycle and breathed new value into them via extending mine life. For me, NST has done it the best by achieving this with initial minimal debt and now out in front with cash in bank and three out of four quality assets.

Deals are coming and probability strengthens exponentially with each rise in the gold price.