Ann: Loan Facility , page-14

Being a producer really is seen as a negative right now in the market but that may change.

TAM has a lot of good ground and some great prospects on both the WA and NT side of the border. There is no doubt that if they were to put the $15M facility into exploration right now it would produce an more substantial share price increase for the company than the Kavanagh development (and keeping the lights on) simply by adding ounces in the ground however that would be the "easy" decision. Management are committed to making the "hard" decisions right now that are the right decisions for the medium to long term.

Kavanagh now gives Coyote the prospect of being sustainable and cash positive in the short to medium term. There is a lot of optimism from the exploration team right now - and it mainly comes from the WA side of the border where Coyote is critical to the long term plans. Low/medium grade open cut resources are key to the economics here (though Sandpiper and Kookaburra were badly managed) and there are real prospects of a major discovery nearby to Coyote in satellite tonnage. Getting through the green and red tape for these mining leases is a lot easier in WA than it is in the NT so any resource could be turned on within 12 months (Vs probably 3-4 years in the NT). This will give TAM critical mass for Coyote to blend with Kavanagh ore which keeps the mill optimal.

Ground Rush/Ripcord BFS will probably show $100M+ to get to production. This is where I would expect to see a JV and corporate activity. We should not underestimate the value of Tanami Central from a permitting perspective. A partner with $$$'s would be able to get into production within 2 years as compared to 4-5yrs for any other similar project with a lot less risk. I wouldn't rule out one of the majors - perhaps even Newmont buying back in.

Management at TAM is 1000% more disciplined and focused than it ever has been. IMHO we need to see more evidence of this in the market for the share price to recover.