Ann: 6 Month Toll Milling Agreement with A1 Miner, page-19

re: Ann: 6 Month Toll Milling Agreement with ... my understending is that the NME deal with NAV and A1 is shortest cut to move from exploration to a gold producing company. It will generate profit to finish heap leach plant and rebuild exsisting mill. Then the scenario will be more likely "buy out all NAV leonora leases to supplement NME heap leach and mill for 20-25 years .At the moment IMO NAV can not do much at all with the leonora project due to low grade(for toll treat) and no place to treat it near Leonora.Only solution for them is to sell it to NME or someone else. Joint venture would be good card to play for them as well".