TANAMI GOLD NL — Share Issue/Capital Change 2004

Nov 24, 2004

25 November 2004

Company Announcements Office Australian Stock Exchange PO Box H224 Australia Square Sydney NSW 2000

Dear Sir

EMPLOYEE OPTIONS

Attached is an Appendix 3B relating to the issue of 1,250,000 options to recently appointed senior executives of the Company. The options are issued pursuant to the Tanami Gold NL Employee Share Option Plan approved by shareholders at a General Meeting on 18 October 2004.

Yours faithfully TANAMI GOLD NL

Our Water --

Denis Waddell Executive Chairman

ASX_TAM_3B25Nov2004

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 177/96. Origin: Appendix 5. Amended 177/98, 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).

$\mathbf{1}$ $\pm$ Class of $\pm$ securities issued or to be issued

Unlisted Employee Options

• Number of ⁺securities issued or to $\overline{2}$ be 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)

1,250,000

Unlisted Employee Options exercisable at 22.5 cents each on or before 22 November 2009.

⁺ 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? If the additional securities do not rank equally, please state: the date from which they do which the extent to they ۰ participate for the next dividend, of $\dim$ the. case $\mathbf{a}$ trust. distribution) or interest payment the extent to which they do not $\bullet$ rank equally, other than in relation to the next dividend, distribution or interest payment	Unlisted Employee Options
5	Issue price or consideration	Nil
6	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Unlisted Employee Options
7	Dates of entering *securities into uncertificated holdings or despatch of certificates	To be advised.
		Number	+ Class
8	Number and class of all securities quoted ASX on (including the securities in clause 2 if applicable)	379,888,902 85,074,451	fully Ordinary paid shares. contributing Ordinary shares.

⁺ See chapter 19 for defined terms.

		Number	+ Class
9	t class to Number and of all *securities not quoted on ASX (including the securities in clause 2 if applicable)	5,650,000	Options exercisable at 20 cents each on 0r 29 November before 2005.
		1,500,000	Options exercisable at 20 cents each on 0r 27 November before 2008.
		33,750,000	Options exercisable at 22.5 cents each on or before 20 October 2009.
		1,250,000	Options exercisable at 22.5 cents each on or before 22 November 2009.
$\mathbf{1} \cap$	. This is a set of the second and a second of the $\mathbf{I}$ - $\mathbf{w}$ , $\mathbf{z}$ and $\mathbf{z}$ are set of the second second second second second second second second second second second second second second second second

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

Part 2 - Bonus issue or pro rata issue

Questions 11 to 33 Not Applicable

Part 3 - Quotation of securities

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

• 34 Type of securities (tick one)
• $(a)$

$(b)$

Securities described in Part 1

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fitlly paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

⁺ See chapter 19 for defined terms.

Quotation agreement

• $\mathbf{1}$ "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 ٠ an illegal purpose.
• There is no reason why those *securities should not be granted *quotation. $\bullet$
• 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 ٠ *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.
• We give ASX the information and documents required by this form. If any 4 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.

Our Water

Sign here:

...................................... (Executive Chairman)

Print name:

Denis Waddell

⁺ See chapter 19 for defined terms.