Ann: Notice of General Meeting/Proxy Form, page-2

3.3 Rationale for Transaction
The Transaction presents Shareholders with an opportunity to benefit from the development of the
Central Tanami Project in a strong gold market through a renewed 50/50 joint venture relationship
with NST, in addition to providing the Company with additional working capital from the
A$15 million consideration to be received from NST for the Assignment Interest.
The Company has carefully considered its position in relation to the Central Tanami Project and the
options available to it under the Heads of Agreement and considers that it is in the Company’s and
Shareholders’ best interests to retain a significant interest in the Central Tanami Project and to pursue
the exploration and development of the Central Tanami Project through the proposed equal joint
venture which includes 50/50 ownership of the Manager company (which will take over as operator
from NST).
The agreement and the Transaction encapsulates the mutual objective of the parties of developing and
commencing mining of the Groundrush deposit and any ore reserves and resources delineated in the
joint venture tenements at the earliest possible time commensurate with good mining practice. In
addition, the Company (together with NST) will have joint management of the Central Tanami Project
through its proposed 50/50 ownership of the Manager company.
Further, the Company will benefit from the influx of A$15 million from the sale of a 10% joint venture
interest (out of its existing interest of 60%). The Company and the Joint Venture will also benefit
from all the work carried out on the project by NST since the commencement of the original Heads of
Agreement. The Board accordingly believes the Transaction is an appropriate proposal to put before
Shareholders for consideration.
The Transaction in fact amounts to a variation of the terms of the original Heads of Agreement between
the parties. The Board believes that NST is a desirable Joint Venture partner.

If I read this right - TAM sell another 10% to NST for $15m making the joint venture 50/50 - the old heads of agreement is scrapped and Groundrush gets developed. With all the drilling NST have already done over the last 5 years or so the resource is already well defined - downside from my perspective is TAM will be on the hook for 50% of costs though the extra $15m will go some way to soften that and with the rerate on being an actual gold producer alongside NST should IMO see the TAM sp finally well and truly appreciate significantly!