Ann: Quarterly Activities Report and Appendix 5B-TAM.AX, page-4

Fbx

I decided to also buy the TAM lottery ticket today, but I will confine myself to a moderate parcel - no point in putting the family jewels on the chopping block in the hope that things will turn out fine. I have taken too many haircuts in the past to do that, plus I think the upside will be limited to whatever NST can do with the property. TAM's list of directors do not look like an inspirational lot to me - too many "Pitt Street" miners among them.

I think TAM could be made to pay a break fee to MLX, but I am not a lawyer and have not kept up with the details of this matter.

I hope TAM conserves its cash until NST has the mine operational and is net cashflow positive.

loki