ash creek npv, page-13

good morning, NTTG

Black Tuesday perhaps?

I interpret the future slightly differently, for there will be a period before 1P when the reserves are 2P, which hopefully will be immediately after the Chemical reports. They will only become 1P hwn production is proven. This is also indicated in the last Elk newsletter.

So therefore a credible and realistic valuation of the 2P reserves will be very helpful at that stage.