Ann: Bankable Feasibility Study Update, page-40

Esh - Two words for Africa: Sovereign Risk.

Kalgoorlie prospectivity - a lot of ground has been well drilled, but poorly explored. The endowment is there, need to be drill-aggressive and as you rightly said, deeper drilling which requires bigger budgets. I understand Goldfields are spending $80M at Kambalda, that is more that NST's total budget.

I see more non-invasive exploration techniques coming into play to find those big discoveries such as seismic. NST has already had success at Jundee using seismic, no doubt they'll give it a crack in Kalgoorlie at some point. It is not cheap, not for the small players.

Nord - how do you build in resource risk into your NPV models? The quality of the orebody is often overlooked or poorly understood.