Ann: Lochinvar Scoping Study Update, page-6

Definitely agree Dukey, however the timeline to production is 4 years as stated on page 13 in the announcement. I'm pleased to read that "NAE believes that shareholder value may be maximized through the involvement of a strategic partner to fund and to advance the project and advancing discussions aimed at progressing this will be the short term focus this year". Due to the 4 year production timeline, I would prefer NAE to sell this asset to generate funds for mining at Redmoor and drilling at the Otago gold project (provided the upcoming results are positive). This scenario would avoid dilution for existing shareholders if the strategic partner were allocated NAE shares to fund advancement of the Lochinvar project