Amazing Resource Potential, page-92

Good spot panda9...the transcript below:

Q - Nick Herbert Yes. Great. Thank you. And then finally, I apologize if you covered this earlier. I missed, sort of, start of the presentation. Just interested in some of your other sort of growth options and I guess, what's not in sort of long-term guidance outlook you've provided? Specifically, Tanami, I think, you still got a sort of 1.5 million ounce resource there, used to be in sort of that production outlook for you guys, but I haven't heard any mention of that for quite some time. So just wondering, sort of, where that fits in your thinking, whether we should just sort of be discounting that one for now and you've got your hands full on the rest of the projects?

A - Bill Beament {BIO 15425189 }

No. Look, it's an exciting district, and we're still working through it there. So we're still liaising with our JV partners. So there's still the option of that. So we're still working behind the scenes corporately with those guys. So that's not off the cards at all. Don't write that off, please.

NST have put out their updated resources statement and confirmed the CTP is a 2.75m oz deposit. Plenty of baggers out there but the reality is, as it stands, TAM owns 60% and therefore is sitting on 1.65m oz of resource. To put that in perspective, TAM trades on an EV/Resource of A$18. This is without a doubt the cheapest EV/Resource ratio for a deposit of that size located in Australia. African explorers TIE and ERX trade on >A$100, NUS (Indonesia 2.3m oz) trades at $45 to give you an idea.

TAM is the wrong price, any resolution between TAM and NST will have this trading > 20c and still be relatively cheap to Australian gold peers.