Ann: Sulphide Development Update - Amended, page-43

pogo has definitely been a harder ship to turn around, working in a new jurisdiction has its challenges notwithstanding the isolation but it demonstrates the NST juggernaut can operate out of australia and lends credibility to being a global top 10 producer.

The mill upgrade, and continuing exploration success at Goodpaster will see the operation ramping up to 300koz/yr. Also opens up a north american front for increasing production to over the 2Moz mark - without having to operate in Africa, South America or some other high risk jurisdiction.

Even if the capex spend is twice the purchase price and then some, it would be a better buy that WMX with triple the MC. NST would have been slaughtered if they had moved in on WMX - no doubt their astute BD team have been running the ruler over wiluna since acquiring jundee if not before.

I did not go to Diggers this year but i understand it was a very bouyant and bullish mood amongst explorers and developers alike. Many SP hikes just on presentation alone. Maybe poor old WMX was one of the loneliest booths there?