TANAMI GOLD NL — Capital/Financing Update 2004

Nov 14, 2004

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

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).

• $\mathbf{1}$ ⁺Class of ⁺securities issued or to be issued
• Number of 'securities issued or to be $\mathcal{F}$ issued (if known) or maximum number which may be issued
• 3 Principal terms of the "securities (eg, if options, exercise price and expiry date; if partly paid *securities, the amount outstanding and due dates for payment; if ⁺convertible securities, the conversion price and dates for conversion)
• $\overline{4}$ Do the "securities rank equally in all respects from the date of allotment with an existing *class of quoted *securities?

If the additional securities do not rank equally, please state:

• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

Ordinary fully paid shares

58.500.000

Fully paid ordinary shares on the same terms as existing shares.

Yes.

⁺ See chapter 19 for defined terms.

5.	Issue price or consideration	16 cents per share.
6.	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	The funds raised will be applied to: - completion of the Coyote Gold Project Bankable Feasibility Study; $-$ purchase of a 1.5m tpa CIP gold treatment plant from Harmony/Northern Gold (at a cost of other plant \$0.8m) and and equipment requirements; - a detailed grade control drill program at Coyote before the end of December 2004 which is very important for Bankable Feasibility Study mine planning and pit optimisation; - funding a significant ongoing drill program at Coyote and Larranganni to extend the existing resource base including completion of a deep diamond drilling program at Coyote to be undertaken during the wet season; - drill testing of numerous regional targets aimed at new discoveries in the highly prospective Coyote and Larranganni mineralised corridors; $-$ repayment of the \$5.0 million ANZ Bridging Facility used to make the final payment to AngloGold Ashanti Australia Limited for the acquisition of the Coyote Gold Project; and $-$ general working capital requirements.
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	To be advised

• 8 Number and ⁺class of all *securities quoted on ASX (including the securities in clause 2 if applicable)
• $\overline{9}$ Number and *class of all *securities not quoted on ASX (including the securities in clause 2 if applicable)

Number	+ Class
379,888,902	Ordinary fully paid shares.
85,074,451	Ordinary contributing shares.
Number	+ Class
5,650,000	Options exercisable at 20 cents each on or before 29 November 2005.
1,500,000	Options exercisable at 20 cents each on or before 27 November 2008.
33,750,000	Options exercisable at 22.5 cents each on or before 20 October 2009.

$10$ Dividend policy (in the case of a trust, distribution policy) on the | Not applicable. increased capital (interests)

Part 2 - Bonus issue or pro rata issue

Ouestions 11 to 33 Not Applicable

Part 3 - Ouotation of securities

You need only complete this section if you are applying for quotation of securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

(If the additional securities do not form a new class, go to $43$ )

Questions 35 to 42 Not Applicable

Ouotation 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 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

• 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.
• $\mathbf{\hat{z}}$ 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.

⁺ See chapter 19 for defined terms.

$\overline{4}$ 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 $\overrightarrow{ASX}$ is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

...................................... $\ldots$ (Company Secretary)

15 November 2004

Print name: Kim Hogg