June Research Report, page-2

Eshmun,

There isn't any particular reason why I have excluded TBR/RND. I have never really looked into either in much detail aside from knowing they are the junior partners with NST at East Kundana. A gold bug friend of mine mentioned TBR to me about two years ago and I did find the operating model interesting. Am I right in thinking they hold physical gold rather than cash? So it is kind of a bet on the $A gold price and on East Kundana and both have done very well in the last 12 months.

Illiquidity is something that stops me researching too much since the first thing I look at in a company is usually the share price chart.

I'll add TBR to the list but some of my charts are going to become a bit cluttered with the requests people are making!