valuation & advice to the board, page-7

My valuation for TAM was based on 1.1M oz simply for the fact that the only oz's in the lodes at Coyote that will be mined from this point are at Kavanagh. The business case was on an inferred 100K oz. Central Tanami BFS was on 1M oz. So the only economic oz's tally 1.1M right now for TAM. Hence why both business cases need to be reworked to get more oz's via more tonnes at a lower cut off grade which means more drilling for ripcord/ground rush/banjo/southern deeps and kavanagh combined with low cost oxide satellite tonnage would be the easiest way to add economic tonnes to the portfolio. Again that needs more drilling. There is gold everywhere in the tanami and with the new low detection limit geochemical techniques it is just a matter of doing the soils work. Again, follow ABM if in doubt.