Ann: Appendix 5B, page-5

Miles better than when I bought in...?

Let's just analyse that statement for a minute.

When I bought in, gravel was being sold (we had some income). PASS acceptance from the metro projects, was virtually a given according to the company and access roads had even been upgraded to suit the expected heavy truck traffic. Drilling of 'exciting' and compelling IP targets in the vicinity of historical mines, was about to begin. Oh yes, and there was the tailings processing and exciting survey results from other tenements.

Years later, after illegal dumping, cancelled gravel sales, zero hits from the few drill holes that did target those 'exciting' IP anomalies, still no sign of pass and we won't even delve into the share price and the amount of dilution that has occurred through the seemingly endless CRs. Surely you could forgive me for wondering if all we are doing is keeping MT in the lifestyle that he is accustomed to.

Again, we are running out of cash. Propped up a little for the time being, by a sniff from Mawson.

Yet another miserable CR is just around the corner after what will surely be another attempted pump. Was the retracted bacterial processing of tailings ASX announcement, an ill conceived attempt to pump the price before the impending CR? Time will tell..

Will the next CR even cover the administration costs of running it?

So no, I dont think NAG is in a better place now. A lot of things need to go very right for NAG, in the very near future IMHO.