ready for a re-rating, page-16

Mainholm, I made my post as clear as I could. I'm not sure your reading it with an open mind. That's up to you.

There is no inference that NST are doing shonky business or fudging the books. I can see how you're trying to discredit my post but I am only saying that they are providing a little information as legally possible both in terms of guidance and quarterly reporting. In my experience if information is not provided, its usually disappointing. They do provide detailed information on sustaining costs but I'm afraid I'm just not sure those numbers will ever be reflected in net cash flows. Particularly for groups that need to continually extend mine life. I might be wrong about that but its my feeling and it seems to be proven so far by the cash flow as far as I calculate it.

I'm not sure if NST is profitable at the moment. They just don't provide timely information on that. I do know that in the 6 months to Dec net profit fell by 65% to $7.6m. AUD gold prices are lower now so I think its fair to say Paulsons profit has pretty much collapsed.

I am predicting an imminent capital raising. Its just my guess. Obviously its hard to be certain about that. The financial numbers we have are 6 mths old and no guidance has been given on group profitability or cash flow. Perhaps they are confident on cash flow and see $70m cash availability as sufficient. But given their scale now, it would seem prudent to me to issue so that they can make sure they can get through the restructuring of acquired assets, possible further falls in the POG and any temporary business interruptions. We will see. No harm in considering all possibilities and listening to different view points is there?