Ann: Company Presentation - Noosa Mining Investor Conference, page-8

Wack - NST own just under 5% of NXM but you may have been confused with the 10% they do own of the Pinnacles project to the south.

This deal was done prior to the SAR/NST merger. NST must take the ore, and NXM must sell it to NST. The margins weren't great at AU$1800 per ounce but now NXM is looking to submit a mining plan and has had meetings with NST to inform them that NXM will be kicking off the project.

The ore sale agreement does not apply to the Crusader-Wallbrook JORC (which itself will be progressed once the mining permit is granted over the last piece of the tenement puzzle, most of it is within mining licences, the native corporation should be meeting now if not already for final sign off).


NXM also has the exploration target of about 800,000oz within the Crusader-Templar tenements - I know you were round not so long ago in the days before companies were applying the 'eventual economic extraction' test to their JORCs. There was a time not so long ago when this would all just be inferred resource...



There's also the largest tenement holding in Victorian state history for everything under the sun... But seemingly on the simmer for now.