Ann: Gold Project Acquisition & Merger, page-17

Re NTM/RCF NTM have 115,000 at bank, rest (638,000) is on term deposit. (Quarterly report, NTM)

Budget for NTM next quarter 300,000 including exploration 150. Yet last qr., with no exploration to speak of , spend was 326,000. Therefore they are intending to do an exploration on Leonora including drilling (albeit with some WA funding grant) with half the budgeted spend(???).

We can cast our minds back to RCF doing some similarly funded drilling without any real result.

We remember the RCF mining project recently which had to be cut short as it fell way beyond expectations and raised practically nothing. But at least RCF made an effort.

I know it's pretty much a rhetorical question but should be asked anyway: how on earth can RCF justify getting tied into this 0.006 cent company (with its checkered history in NT and lack of results) instead of staying alone or preferably merging with another company having a reasonable history and possibility of success? What is being done now makes no commercial sense whatsoever and is a cosmetic change at best. Those long term holders will remember the days of oil leases in US, then the reasonably based but unsuccessful PNG projects particularly Manus, and would have hoped to see some steadying of the ship rather than handing it over to others for no sound reason.

Have a nice day all.