Hey all, As I have previously stated, I will be attending the...

Hey all,

As I have previously stated, I will be attending the EGM on Monday and decided I would do what I did last time and formulate a list of questions on behalf of shareholders who aren't free to attend. Please feel free to post additional questions below and I will add them if they are appropriate.

1. One of the members on HC talked to an industry professional regarding pellet plants and was given an estimated ball park figure of A$100 million for an 8mtpa pellet plant manufactured in China. Does this sound accurate to you?

2. How many skilled workers does NSL currently have as full time employees for operating its phase one plant?

3. How many skilled workers will be needed to run phase 2 when it is operating at full capacity?

4. Does NSL own its own truck & loader fleet or are you relying on a third party?

5. Does NSL have to fork out money in regards to the loan with Magna even if it is not used?

6. Do Magna still get 7% of all future gross production income from the Kurnool plant or is this dependent on whether you end up needing to use more of the existing loan facility?

7. Are NSL currently waiting on land approvals in Bethamcherla and what are the long term intentions for this land?

8. Do you have a 5-year time frame for your target of 8mtpa? Or is the time frame greater?

9. What has happened to the Phase One plant? Is the plant running at quarter, half or full capacity?

10. How much has the Phase One plant produced so far?

11. Are you concerned at all that the Phase Two ore will be taken up just as slowly as the Phase One ore is?

12. Why did you feel it was necessary to issue 200 million free options to yourselves and other participants of the CR?

13. Is there a reason these options weren't unlisted so that they couldn't be sold on the market, essentially giving away free money at the expense of holders?

14. Is there a reason you chose not to perform a Share Purchase Plan so that shareholders outside of the Top 20 weren't excluded/disadvantaged?

15. What is the $3.2 million raised in the CR actually going to be used for? Was an over subscription really necessary?

16. Are you planning on completing another consolidation after December if all of the options are exercised since you will have near 2 billion shares on issue?

17. When are you expecting NSL to finally make its first profit?

18. Has anyone who participated in the recent CR sold any of their shares on market since its announcement?

19. What is the tax situation for the company once cash flow positive? Does our subsidiary allow us to avoid high tax rates applicable for foreign entities?

20. Are you at all concerned the wet season is going to impact commissioning of the plant?

21. Has anything eventuated from the law suit over the coal tenements?

I also wonder sometimes if companies value the fact that every share they hand over to someone is exchange for cash is the equivalent of taking the exact amount of money away across every share and option holder. Dilution has been pretty extreme since consolidation.