Ann: Change in substantial holding from NVA, page-14

Steini, from a logistical point, red has darlot treatment plant and is building 2nd at koth with 2mtpa extra capacity.

To build a 3rd plant just adds much cost, versus using reds to lower cost per oz.

I get the feeling nva will help maximise value of tnr, then its anybodies guess.

It does make sense to merge koth and tnr if Mt Stirling or diorite adds ozs to koth area, just like what occued at the superpit in kalgoorlie.

Red is much larger than nva and already producing at darlot and will be at koth well before nva does from ALASKA

Either way the future will be interesting, esp if Mt Stirling gets a nice deep jorc resource.