Ann: NQM Board Consider CQT Offer to be Inadequat, page-6

re: Ann: NQM Board Consider CQT Offer to be I... From 11 June Announcement

"While the North Queensland Metals board has not recommended the Offer, the background to the
Offer is that in February 2010 I was contacted by John McKinstry, the Chief Executive Officer of North
Queensland Metals, in relation to a possible business combination between North Queensland Metals
and Conquest Mining."

What business combination do you guys reckon was anticipated by NQM when it approached CQT?