NTL AGM 20 Sept 2017, page-18

Below are my personal notes from the meeting
Amount of SPP funding will determine how fast NTL can progress the mine. Concentrators are a big part of the plan and need funding. My understanding is that they would need one for each work-face which potentially looks like 2 or possibly 3 at this stage.

They stated they are confident “no issues” with regards to water
- “Closed circuit for everything including water”. Waikato regional council already approved as part of mining permit
- Oceania pumps the entire water table at their mine.

Silver ratio to gold is 4 to 1. Prior to the meeting one of the geologists said that Gold is the priority to recover so they may only recover 2/3 of the silver (ratio will come out with the final plan)
Starting work in December, first results of Bulk sampling will be in January

They have a 25 year mining permit. The impact (environmental?) has been assessed as minor under the district plan and they will continue to comply with the Crown Minerals and District plan requirements after the bulk sampling phase.

They are working with HDC on number of trucks per day. Matt mentioned they have 4 to 9 trucks per day approved under the current agreement and that there are no limits for the bulk sampling phase (perhaps Robbo or others got mroe detail on this?)

It was invaluable flying up to Auckland for the day to talk to the Management team face to face. My personal opinion is that they know what they are doing and I will take up all of my SPP entitlement.

Please feel free to correct any comments above if you heard it differently