potential in next 3-6 months ?, page-3

Here are a few comments from Argonaut if you missed them....which called NST "Best of breed" gold selection.

7th November

With genuine all-round expertise (high margin production, development, exploration and
M&A), NST is a stand-out gold stock. A flurry of near term news flow is anticipated:

Dec Q 2012 - Investor site visit, regional exploration update, P1 upper inventory

Mar Q 2013 - Ashburton maiden Reserve, start V2 development
The Paulsens mine is substantially de-risked with capital development >12 months in front of mining, >4 ore sources, mining rates > expanded milling rate (450ktpa), 86kt
ore on the ROM pad, new drills / loaders / trucks, and new ventilation.

The West Australian location is also favourable, with escalating sovereign risk causing recent
sleepless nights for investors exposed to Egypt, DRC, and Kenya etc.


8th of November...after new economical find

IMPACT

Positive. This is NST’s second act of alchemy inside a week. Last week’s high grade assays from the
gabbro unit surrounding the ore body also turned waste into potential ore.

COMMENT

Argonaut estimates an Upper Paulsens inventory of 100koz. Argonaut’s valuation increases to $1.80
(was $1.60) after increasing the mine life to 6 years (was 5 years).
Further upside is presented by the gabbro and gabbro offset targets. If proven up, these could add
significant ounces and extend the mine life further (each additional year adds ~18-20c to Argonaut’s
valuation).