Ann: Quarterly Activities Report & Appendix 5B, page-2

Next to no progress on their main project since the agreement with NST was made. In the meantime they are bleeding money at over $3m per year. At the rate the cash is disappearing they are going to need a top up in about 2.5 years or get taken out by NST for a few cents.

I wonder if NST is deliberately dragging the chain on this project? NST have almost $400m in cash so its not due to a shortage of funds. I think they are doing minimal activity to depress TAM's share price. As far as I know tThe TAM/NST deal does not specify a timelines for the project.

Good luck all. I sold out of TAM around 6 months ago, but keep an eye on it.

loki