Ann: Central Tanami Scoping Study Results, page-7

My thoughts after reading the study are that it appears to be extremely conservative as to the resource size, mine life, costs, revenue and recovery rates.

It looks like the scoping study does not include any significant utilisation of the existing 150kpa plant but recommends a "Review of the current mill to see what can be salvaged to improve the capital expenditure and start-up rate". From memory NST had stated that they intended to refurbish the existing plant when they originally entered the JV. Refurbishment would significantly reduce TAM's $115m cost estimate.

The study does not include the surrounding resources of Carbine, Cascade and Hurricane/Repulse (and others) which at this stage would potentially add at least a further 500koz to CTP's resource and extend mine life to over 10 years. "There is the opportunity to add additional satellite deposits in the future so a preferred production rate of 1.5 Mtpa with consideration to allow for a modular strategy that enables the footprint to expand capacity is recommended"

There are currently outstanding drill results testing prospective extensions to Groundrush and Jims at depth, this work was carried out last year so must be available by now and could significantly increase resource size. The report also confirms the substantial size of the Groundrush deposit "1.7km in total orebody strike length" and the diagram on page 12 indicates that high grade ore is likely to extend below 650m level (Newmont's nearby Callie mine is currently operating below 2200m).

A producer of NST's size would likely seek to have a larger holding of a larger operation so there is a real chance they could offer TAM a favourable dilution deal and expand the plant to say 250kozpa which could create a win win outcome for both partners.

I think this report should be viewed as an early ultra conservative WORST case outlook however it also provides confirmation that there is a lot of upside potential in months ahead as the above issues are addressed.

DYOR