Ann: RIU Explorers Conference Presentation, page-26

I tend to agree with this.
Further, I think the potential NCM-Newmont tie up kickstarts M&A in the sector and reckon NST have their sights set a little higher than adding marginal ounces in Eastern Goldfields.

A combined NCM-NEM probably doesnt keep all 4 major assets in Aus (Telfer, Cadia, Bodd, Tanami). Too much exposure to a single jurisdiction for a global player. All 4 would be on NST shopping list.

NST become the largest goldie on the ASX and target tier 1 global depsosits (500kpa, 10yr mine life, low cost). Wouldnt be surprised to see a Carosoue Dam sell off.

NSTs equity participation is a cheap call option on the small chance that NXM hit bonanza. The mid-tiers are more likely suitors IMO.