TANAMI GOLD NL — Capital/Financing Update 2003

May 21, 2003

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement. application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

TANAMI GOLD NL

350,000

ABN

51 000 617 176

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{I}$ $\pm$ Class of $\pm$ securities issued or to be issued

Options over unissued shares

• $\overline{2}$ Number of ⁴securities issued or to be issued (if known) or maximum number which may be issued
• Principal terms of the *securities (eg, 3 if options, exercise price and expiry date; if partly paid *securities, the amount outstanding and due dates payment; if ⁺convertible for securities, the conversion price and dates for conversion)

Options exercisable at \$0.20 each on or before 29 November 2005.

⁺ See chapter 19 for defined terms.

4	Do the securities rank equally in all respects from the date of allotment with an existing "class of quoted securities?	No. Additional securities are options over unissued shares, and may only be exercised in accordance with the terms and conditions of the Tanami Gold NL Employee Share Incentive Scheme. Upon conversion of the options to shares, the shares will rank equally with existing shares.
	If the additional securities do not rank equally, please state: the date from which they do ٠ extent to which they the - ٠ participate for the next dividend, the case (in- of a trust. distribution) or interest payment the extent to which they do not ٠ rank equally, other than in relation to the next dividend, distribution or interest payment
5	Issue price or consideration	Nil.
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Options have been issued to employees under the Tanami Gold NL Employee Share Incentive Scheme.
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	16 May 2003.
8	Number and elass of aĪl ASX. securities quoted on. (including the securities in clause 2 if applicable)	Number	* Class
		165,748,902 85,074,451	Ordinary fully paid shares. Ordinary contributing shares.

⁺ See chapter 19 for defined terms.

		Number	*Class
9	Number and + class of all *securities not quoted on ASX (including the securities in clause 2) if applicable)	830,000	Options exercisable at 20 cents each on or before 29 November 2003.
		5,650,000	Options exercisable at 20 cents each on or before 29 November 2005.
10	Dividend policy (in the case of a
	trust, distribution policy) on the	Not applicable.

Part 2 - Bonus issue or pro rata issue

Ouestions 11 to 33 Not Applicable

increased capital (interests)

Part 3 - Ouotation of securities

Questions 34 to 42 Not Applicable

All entities

Quotation agreement

• $\mathbf{I}$ *Quotation of our additional *securities is in ASX's absolute discretion. ASX may quote the *securities on any conditions it decides.
• $\overline{2}$ We warrant the following to ASX.
• The issue of the *securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those *securities should not be granted *quotation.
• An offer of the "securities for sale within 12 months after their issue will $\bullet$ not require disclosure under section $707(3)$ or section $1012C(6)$ of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

⁺ See chapter 19 for defined terms.

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any *securities to be quoted and that no-one has any right to return any "securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the 'securities be quoted.
• We warrant that if confirmation is required under section 1017F of the Corporations Act in relation to the "securities to be quoted, it has been provided at the time that we request that the *securities be quoted.
• If we are a trust, we warrant that no person has the right to return the *securities to be quoted under section 1019B of the Corporations Act at the time that we request that the *securities be quoted.
• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
• $\overline{4}$ We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before "quotation" of the "securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Dean's Water

Sign here:

...................................... (Managing Director)

22 May 2003

Print name:

Denis Waddell

^÷ See chapter 19 for defined terms.