TIVAN LIMITED — Annual Report 2005

Oct 24, 2005

ANNUA - 7 7 27 28 28

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Corporate Particulars

Registered Office

Level 3 (30 Plicharchien Street) West Perty Wastem Australia 6005

PO Box 1176 West Perth Wastern Australia 6872

Telephone (C8) 9327 (600) Facsinile (08) 9327 0901 Wabsite www.tensinforeekgold.com.su

Share Registry

Computershare investor Services Pty Ltd. Level 2 45 St Georges Terrace Path Wastern Australia 6000

Telephone (08) 9323 2000 Facsinie (28) 9323 2003

Auditors KPMG.

Home Stock Exchange Australian Stock Exchange Code: TNG

Frankfurt Stock Exchange Frankfurt Stock Exchange Code: FGI

Contents

Review of Ocerations and Activities
Corporate Governance Statement	â
Directors' Report	8
Statements of Financial Performance	ŵ
Statements of Financial Pratfort	10.
Statements of Cash Physic	李介
Nation to the Financial Statements	12
Directors' Decisioning	38
Independent Audit Peopt	97
ASX Additional information	98

Directors and

Company Secretary John WilBarr Chairman

Neil Bictate Managing Drector

Michael Bowen Non-Executive Drector

Terance Smith Non-Executive Director

Chris Bath Company Secretary

Overview

The 2004/05 year represented a significant turning point for the Company, with the accuisition of a substantial conficito of mineral assets in the Northern Tenkory, the subsequent evaluation and rationalization of non-core projects, and the completion of a major tund relang to underpin ongoing exploration & development programs.

As a result of these initiatives, the Company has emerged with a strong balance. sheet, a quality asset base including the Manbarrum lead-zinc and Tennani Creek gold-copper-blamuth projects in the Northern Territory, and a portfolio of Investments in listed mining and exploration companies in Australia and the United Kinderiam.

The following important milestones were achieved during the vest-

• · The acculation of Tennest Creek Goto (NT) Pfv Ltd was completed, including a substants portfolio of mineral assets in the Northem Tentlory of Australia:
• $\bullet$ Exploration expensives in express of \$1.3 million
• . A \$1,35M shere placement to London-based RAB Special Situations (Master). Fund Limited was completed, resulting in the introduction of a new major reinsarbinischer
• · Scratcart steps taken to secure the for the Manbartan project in the Northern Tentory with son-off expected shortly on a formal access and compensation agreement with the Traditional Owners;
• . The sale of the Molyhi molytolerano-tungsten project to Thor Mining was completed, with Thar admitted to the Attemative Investment Market (AM) of the London Stock Exchange;
• · Orgoing reyalty flow from mining at the Cawse Extended nicket project near Kalopolik in Wastern Australia
• · Snareholding in ASX-listed Batewa Mining Ltd, which is currently progressing the Guieva Gold-Copper Project in Wastern Australia and an extensive portfolio of uranum interests in the Northern Temtory, was increased to 20.51%; and
• · The sale of the Wodghi project and several iron ore exploration tenements to AIM admitted company, Red Rock Resources Plc, was announced.

With these major concertile inflatives now complete and the Company in a strong financial position, TNG is well pieced to tools on the exploration of its portfolio of projects in Australia, including the Mantsenum project (previously Sandy Creek). where high grade mineralisation has been dentified.

The Company takes a positive view on the curlcok for commodity markets, underpinned by continuing strong levels of demand from the rapidly growing Chinese economy and has approved an increased exploration budget for 2006/08. An epidration program is currently underway at Tennant Creek Gold's Explorer project in the Northern Tenkory, as well as all projects overled by Thor and Batavia. giving an eptimistic outlook for success during the coming year.

The Board of TNG endeavours to be accessible to all shareholders and stakeholders and therefore encourages intensited parties to contact the Company directly or via dur weidste st www.tennandoeskoptbloom.au. Shareholders and investors are Invited to recistor on the wobsite to receive roquiar Company news via email.

Projects

Manbarrum Project

The Manbartum project (previously referred to as Sandy Creek), is one of two fagatip exploration projects held by TNG in the Northern Tentlory. The formal grant of title over the Project in August 2005 represented a key milestone, clearing the way for field exploration activities linguating offling) to commence pending finalization of an access and compensation agreement, which is expected to be concluded in the cear tubure.

Maribauturn is located 70 kilometres north-east of Kunununa in the Northern Temtory. The cranisci tenements consist of an Excloration Licence and an Authority to Prospect under Section 178 covering a contitired sees of over 200 square karreatnes

Previously explored by major mining companies including BHP Billion and Aquataine, the Manthamum Project area is prospective for the discovery of Mississippi Valley Type (MVT) zinc-feact-silver deposed. Previous exploration activities cuttined both strats-bound and enucturally-hosted base metal moenigation during the 1970's.

Potential exists for large tormage, high-grade coast pitable lead-zinc-silver deposits within the Main Zone deposit at Manbarron, as well as applicant regional potental for multiple MVT deposits within a 23 relatester long structural corridor trending to the north east from the Main Zone deposit.

Manbarovn crickinaly tell within P(O 1405, which was created in 1999 to prevent applications for mining tenements in the areas subject to the Ord River Imgation. Area Stape 2 Schema proposals, in 2004. TNG inrigited discussions with the Nothern Tentory Government requesting approval for exploration over the Marcham en dennast

In December 2004, approval to override the Reserve from Occupation Activias. granted and the Northern Tentory Department of Primary Industry, Fisheries & Mines has now approved the grant of thes.

A field visit was undertaken by management during the year and advanced. negotiations are currently underway with the traditional owners and their representatives, the Northern Land Council (NLC). A Native title agreement has been prapared and sign-off is expected stratly, clearing the way for the lasue of a site cleanance certificate toro AAPA

The anticipated Invalation of these matters and TNG's plicing matterspie with the traditional owners will enable field work at Maribarum to commence in the near function. The rights worsted to self-toward internal to distribute orifordiate order orifordiate was used as a comprehensive such of the database. This process is continuing, with an upgrade of the entire database to digital format currently underway.

Previous resource estimates for the Maribarrum Proyect predate the JORO Code, and TNO's planned exploration activities are geared towards deling to upgrade the to JOPIC complence sa rapidly as possible.

Previous regional diffing defined numerous occurrences of high-grade, nearsurface lead-pric mineralisation abino a 23 kilometre tono contoo inmediately. north of the main Manbarum zone. Geophysics' surveys conducted in the pencol-1992-1996 further increased the prospectivity of the region, resulting in the definition of first order gravity high anomaties in conjunction with Induced Polarisation trends along two structure confobre embreding the regional ciritdelined minerateation.

The Company completed a comprehensive geophysical review of the existing database during the year, and intends to commence an intensive field exploration. program as soon as access can be acheved.

Tennant Creek Magnetite Gold-Copper-Bismuth Projects

TNG has a 100% interest in several granted mining and exploration tenements in the immediate vicinity of the town of Tennant Creek in Central Australia. These tenaments cover an area of in excess of 6 square kiometres and containnumerous fest order Tennant Creek-style magnetic fonstone targets with the potentel to host significant gold, and gold-copper-biantist deposits.

The tenements contain several prospects hosted within the Warramunda Formation. and have the same magnetic transland magnificials as some of the world-class gold and gold-copper-bismuth deposits mined in the Tennant Creek Inter (eq. Warreqo.) White Davit, Nobles Nob). Over thirty linst order magnetic anomaties remain untested and represent excellent drill targets.

Exploration activities during the year included a comprehensive review of the gadogical database, extensive ground surveys, and a geophysical interpretation to priorise offits gets. Drilling of the highest priority respire to anomates as part of a 3.000 metre program commenced in August 2005.

Other Tennant Creek Prospects

.
1845 also owns a number of other cranted tenements in the Tennent Creek region. including the Hopeful Star prospect and the Mystery prospect.

.
The Hopelu Star prospect includes the historic Hopelui Star and Hopelui Star. Extended mine verkings which have recorded production of over 700 curioss of gold. It is one of the lew proceeds in the Tennert Creek Goldfields where visitie-.
gold is present. Potentist swith at this prospect for near subscendineration is which may extend to the base of oxciation.In addition, two clanified bedrock overhemscal anomalies remain untestad.

The Mystery proposed is a typical first order Tennant Greek-type "buils eve" magnetic anomaly exploration target. The Hickler Mystery workings and the anomaly is within and parallel to the Mary Lane Green Zone, a major repional magnetic decontinuity that hosts a number of economic cold-copper deposits.

The Company's excityation adilyties at these prospects during the year included remodeling and renterpretation of arborne magnetic catal gridding, ground gravity and magnetic surveys and RC drilling.

Spring Hill

Spring Hill is boated approximately 200 kiemetres south of Darwin in the historic Pine Orsek gold feld in the Nothern Temtory. The area includes a JOPC connoisht indicated Pescuce of 3.6 milen tenses @ 2.34 gA Au for 274.000 curres of contained gob!

Historically, hoth-oracle lodes at Spring Hill were mined in the early can of the last bentury but more recently the tenements have been the eublect to extensive exploration for bulk tonrage-low grade gold deposits. Other previously published rescurses in the area are non-JORC compliant, however are indicative of the exploration potential.

The Soving Hill crosed area contains several regional targets, which have been generated from regional geochemistry, extrome magnetics, structural interpretations and reckvoical modeling.

During 2004/05, exploration activities included surveying the mineral lease. the sydery and recollation teams and coordinate for a minion screement with the Northern Land Council, however, to date no agreement has been executed. Exploration planned for the tothcoming year will concentrate on gold mineralisation. slong this highly prospective confoor.

Mount Pooko

Watert Preside is located in the Arusta Province 80 reformates north east of Alice Spings, Subset to a termin agreement. Facontyldge may earn a 60% interest in miss consect.

Krown utemalic intrusions may be the source of more than one discrete magnetic anomaly Arborne magnetic surveys have indicated possible ultransfic noixel langels.

Tanami East

Tanami East, also known as Goutard's Prospect, hosts significant matschite mineralisation culoropping over a strike length of 1,200 metres. Numerous values over 1% Cu and 100 rxip Au were obtained from rich chip samples carried out duing the 1970s and the area is considered to have exploration potential for copper-acid deposits.

Western Australia - Nickel production at Cawse Extended

The OM Group Inc. (OMG) owns and manages the Cavise Notel Cobatt Operation with OMG and TMG jointy owning the adjacent Cawde Extended Project. TNG's Interest in the Cavea Extended Project is 20% free-carried to production. conventible at TMC's election to a 2% pat smaller refuge

TNG has also entered into a separate agreement with OMG for a wall torner rovally. cayment, which replaces the current appearent only for one mined from the Unicom-Pilland transported to the Cawse ROM pad. The Acreement has been structured to sity in validate in the nicket price and the ALDAISD exchange rate such that the well to the beyoned to veriable within the range ALEO SOW, and ALEO SOW,

Mining at Unicom commenced in 2003 and, to date, total royalty income of \$506,762 has been received, including \$261,056 in the 2004/05 thencial year. TNG has been advised by OMG that roman at the Unicom Pit will continue until May 2007 with a progressive reduction in tonnes mined. Accordingly, at 30 June-2005. TNG has willen down exploration expenditure capabiles in relation to the Linearen Pit

TNG believes that Cawse Extended will continue to be an important ore source for CXAG

OMG have also recorred possible rise de linguits most incorre different compare Including 20m @ 1 53% Ni and 16m @ 1,40%N at Unicom F and 12m @1 18% Ni and 32m @ 1.24% at Jednon

Other Western Australian Tenements

TNG holds an interest in three other tenement groups, however. In each case, the Company does not constitute towards explorelity expenditure as the projects are subject to joint veriture or options for sale. These projects include Duplex Hill Steelth Renovas Pauli, and McTavador

Corporate & Investment Activities

Tennant Creek Gold Acquisition

The acquisition of Tennant Creek Gots (NT) Pty Ltd for ren milion ordinary fully paid shares and the Company's subsequent name change to Tennant Creek Gold-Unded was approved by shareholders with settement occurred in July 2004. This strategic acquistion focused the Company's interests in the Northwn Tentory and led directly to several of the other milestones achieved during the year.

Thex Mining PLC (AIM code "THR")

As part of the Tennant Creek Goto NT acquisition, tenements at MoMn), Thring Creek and Hatches Cleek where acquired. Due to the substantial price increases for rungsten and molybdenum, considerable exploration effort was focused on Molyni in the early part of the year. This work included drilling, metallurgy and geofechnical studes, as well as regional exploration.

In order to enable TNG to trave on tunding its other exploration activities, a decision was subsequently made to spin-off these assets through a separately. fisted company, and in June 2005 Thoi Miráng PLC (Thor), which had acquired TNG's Australian specialty metals assalis, was admitted to trading on the Alternative Investment Market of the London Stock Exchange after rading over A\$3.8 million.

As a result of the transaction. TNG received a consideration of 46 million shares in Then representing an interest of approximately 25% in the company, along with \$500,000 in cash. These shares are restricted from sale for twelve months.

At financial year end, TNG's investment in Thor Mining PLO had a market value of annymenately fld. million-

Ther has reported that it is currently sinking three shalls at Mayhil to clotein bulk. samples in order to review the grade of the deposit prior to a new resource being determined. The new resource estimate will provide the basis of a Feasibility Study on the economics of establishing a mining operation at Molyhit.

Batavia Mining Limited (ASX code "8TV")

TNG accuired a significant interest in Batavia Minino Limited as cent of its sparsorship of the reconstruction and subsequent re-feting of Batavia on the Australian Stock Exchange in 2003

During the year. TNG participated in a rights assue undertaken by Batavia which Increased the Company's shareholding to 46 million shares increaseding 20.51%. of Batavia's esuad capital

At 90 Stantardow, "Pelf", tutin 48 million character Pestava come loant at a most of \$1,570 milion with a market value of \$2.3 million. Since that fime, the Company has seld options in Batavia realising a profit of \$264.165.

Batavis has reported than it is currently undertaking further drilling at the Gullewa-Gold-Cooper Project in Western Australia and has acquired the rights to several uranium prospects in the Nothern Territory. It has recomity shind above a planned \$2. million exploration spend on the uranium prospects.

Red Rock Resources Plc (AIM code "RRR")

In order to enable TNG to focus on its key projects, a decision was made to self other tenements, along with the Wooloni gold project, and in September 2005 a hensedian was concluded with Red Rock Resources Ptc (AM Code: 1958?). Consideration to the sale was 19 million ordinary fully paid shares in Red Rock. whose shares were recently admitted to trade on the AIM market.

The shares in Red Rook have now been idsued and are subject to an orderly. marketing agreement, but are otherwise fully trackable.

The acreament with Fred Rock redaced a previously announced coloon screement with Regency Mines PLO for the proposed sale of the licin ore assets only.

The Waxigni proyect end the particle of other proyects were regarded as non-caveassets and the agreement represents an opportunity to realise value for them at a time of storeg masket interest.

Introduction

Tennant Creek Goto Limited ("Company") has adopted systems of control and accountability as the basis for the administratori of corporate governance. Some of these policies and procedures are summarised below.

The totowing additional intornation about the Company's corporate governance prectices is set out on the Company's wabsite at www.tennantoreekgold.com.sur.

• · Corporate governance disclosures and explanations:
• · Statement of Board and Management Functions:
• · Nomication Committee Charley
• · Policy and procedure for selection and appointment of new directors:
• · Summary of code of conduct for directors and key executives:
• · Summary of policy on securities trading:
• · Audit Committee Charter;
• · Policy and procedure for selection of external auditor and rotation of audit encadement partners:

. Summary of colley and crocecture for complishing with continuous disclosure reculinements:

• · Summary of anangements regarding communication with and participation of observintero:
• · Sumnary of Company's risk management existy and internal compliance and control sustem
• · Process to performance evaluation of the Board. Board controllees, individual directors and key executives;
• Romanyation Committee Oraton and
• · Corporate Code of Conduct.

Corporate Governance Disclosures

During the Company's 2004/2005 Inspirations ("Reporting Period") the Company complied with sach of the Ten Essential Corporate Governance Principles and Best Practice Recommendations as published by the ASX Corporate Governance Ocured, other than in retalion to the matters specified below.

	Philadelphilar Accommodation Rep	Required to residence for their	Extragal for a state of the control
	21.22	Mr Terence Smith is considered the only independent director.	The Board appointed Mr. 7 Gmilth as a director on 1 July 2004. Mr Gmilth has been spropried as an independent detailer. Prior in this the Company had no independent directors. The Board considers that its stoctore tass been, and continues to he, appropriate in the context of the Company's history. The Company considers that each of the non-thetependent clientics consess sixts and experience. suisble for buildrea the Company Fusthermore, the Board considers that in the current phase of the Company's greath, the Company's shareholders are better served by directors who have a vested interest in the Company. The Board interest to reconsiste its composition as the Company's operators excive, and appoint turther independent directors as appropriate.
2	-24	A separate Numiration Committee has not been known	The role of the Nexnington Committee is carred out by the full Board. The Roard considers that given its saw, no efficiences or other benefits would be gamed by exististing a separate Neminaton Committee.
â	國交 凌念	A separate Audii Committee has not been tonned	The role of the Audit Committee is carried out by the full Ebard. The Board considers that given its size and stage of development, no efficiencies or other benefits would be gained by establishing a sensede Auth Committee. The Board will re-consider extentionary a separate Auth Committee as the Company's operators grew-
A	装引	The process for evaluation of the Board, individual directors and key executives was not discreased. unit the last quarter of the Reporting Period.	The process was not deplosed, trowever an evaluation of the Elositic christians and key. executives did occur during the Reporting Period
9	-9.2	Prene was no secondo Remuneration Committee	The latt Broad carried out the functions of the Fiermannelon Committee, All matters of remuneration were determined by the Board in accordance with Corporations Act receivements, expectable in respect of reated party transactions. That is, no checking participated in any definerable requiring their own remuneration or related restes.

Skills, experience, expertise and term of office of each Director

A profile of each director containing the applicable information is set out in the Directors' Report

Identification of Independent Directors

Mr T Smilb was appointed on 1 July 2004, Mr Smilh is independent in accordance with the oriteria set out in Box 2.1 of the ASX Principles and Paccommendiations.

Statement concerning availability of independent professional advice

Subject to the approval of the cheliman, an individual director may engage anoutside sciviser stilthe experies of Tannant Creek Gold Limited for the purposes of seeking independent advice in appropriate circumstances.

Nomination committee members and their attendance at committee meetings.

The full Board carries out the functions of the Nomingtion Committee. The Board did not convene formally as the Nomination Committee during the Reporting Pencil tyl rather, discusses relevant scrues on an asymptoted besis.

Names and qualifications of audit committee members

The full Board certains the functions of the Audif Committee, Mr Barr, Mr Bowen and Mr Smith are financially literate. Mr Bair, Mr Bowen and Mr Smith cossess financial expertise by virtue of their scademic qualifications.

Number of audit committee meetings and names of attendees.

During the Reporting Period Mr Barr met with the extennal auditors in respect of the half year and full year tinencial reports.

During the Reporting Period an evaluation of the Board was conducted as an informal review cloing regular meetings of the Board. The executive directors were raviewed on an individual base by the Chairman.

Company's remuneration policies

At of the directors received a separate directors' fee of \$30,000 per annum, plus statutory supersmobation.

In addition

. Kensington Consulting Pty Ltd repertes a consulting fee to Mr Ben's services:

· Hatched Creek Pty Ltd receives consulting fees for Mr Bidde's services. There is no direct link between remuneration pad to any of the directors and corporate performance such as borius payments for achievements of key performance indicators.

Remuneration of directors and key executives is competitively set with the assistance of externally prepared surveys and reports. Iaking into account the experience and qualifications of each individual.

Remuneration committee members and their attendance at committee meetings.

The Lis Board carried out the function of the Pierruneration Committee (Dunng the-Reporting Period, the Board did not convene formally as the Remuneration Committee, toot rather, cleaft with remuneration-related essues on an as-reculred hask during reader meetings of the Roard.

Existence and terms of schemes for mirement henelis for non-executive directors. These are no edipendent tempells for non-regam the cleaning.

The Directors present their report poletion with the Brandsi report of Tempart Creek Gold Limited (The Company") and of the consolidated entity, being the Company and its controlled entities, for the year ended SO June 2005 and the auditor's report themon,

Directors

The Directors of the Company at any time curing or rance the end of financial year axe.

John W Barr CA, FAICD

Chairman

Mr John W Bair was appointed in December 1998. He is a Charlesed Accountant and Fellow of the Australian Institute of Company Directors. He has extensive Australian and international excertence with excosure to manufacturing, mining and mineral exploration and development in respect to several commodities including centri, interfacient cránicas pensienen especies

Mr Ban has managed his own consultancy business since 1987 which specialises. in the management of public companies including advice on capital raisings, mergers and acquisitions, negotating orishore and offshore acquisitions and joint ventures, negotialing commodity based tunding, and compliance with corporateand stock exchange requirements.

During the fast three years Mr Barr has served as a director of the totowing fisted comparies:

• · Batavia Mining Limited, appointed June 2003 ceasing July 2005:
• · Peninsula Minerals Limited, appointed March 2000 ceasing May 2003; and
• . The Mining PLC appointed April 2005.

Neil Biddle BLApp.ScrGeology), M.Aus.&MM Managing Director Mr Nei Bicktie was appointed in December 1998, He is a deploded and company

director with over 17 years professional and management experience in fated aubic companies involved in manng and exploration and was formedy managing director of Border Gold Ltd (1995-1999) and Consolidated Victorian Mines Ni. (1993-1995).

During the fast three years Mr Biobile has served as a director of the tollowing fisted. instrumentale.

• · Batavia Mining Limited since April 2006. Previously a director from June 2003 to February 2004; and
• · Peninsula Minerals Limited, appointed January 2000 ceasing May 2003.

Directors Meetings

The number of Director's meetings and number of meetings attended by each of the Directors of the Company during the financial year are:

Director	Number of meetings held during	Number of
	the time the Director held office.	meetings attended
J W Bar	8	8
IN G Bicidie	8	6
M P Bowen	8	8
TN Smith	8	8

Review and Results of Operations

The operating loss of the consolidated entity after income tax for the year was \$3,388,809 (2004; Loss of \$454,083).

A raview of the operations during the financial year is set out on pages 2 to 3.

Dividends

No dividends were paid during the year and the directors do not recommend payment of a cilvidenci.

Michael Bowen Buluris, 8.Law, 8.Com Non-Executive director

Mr Michael Bowen was appointed in January 2004, He graduated from the University of Meether: Australia with Recheirer of Law University Sense and Commerce. He has been admitted as banister and solicitor of the Supreme Courtof Western Australia and relan Associations of Certified Practitiong Accountant of the Australian Screety of Arcountaints

Mr Bowen is a partner of the law limit Hardy Bowen, practising primarily corporate. securities, commercial and mining law.

During the test three years Mr Bowen has served as a director of the following fisted conditionship

• · IMF (Australia) Ltd since August 2001:
• · Madical Concoration Australiasia Limited since October 2004;
• · Peannfill Emited Internation March 2001 newslea October 2003: and
• · Watcam took istrict trivestments Limited since October 2004.

Terence Smith Dip.Bus Independent Non-Executive Director

Mr Smith was appointed in July 2004. He is the tounding partner of Smith Coltey-Group which provides texation, accounting and tinancial advice to clients. This group has been operating in Perth for 31 years, has 11 partners and a staff of 50. the primate learned to seek and allest seemistudity and elfconcepts management. Mr Smith holds a number of directorshaps in a number of companies in the wine industry.

During the test three years Mr. Smith has not served as a director of any fisted commense.

Principal Activities

.
The principal activities of the consolidated entity during the course of the financial year were the review of advanced exploration projects for acquisition; the management of its exploration properties; management of the Company's interact in the Cavide Extended Project and the management of it's investment in of Batavia. Manach Freders

There were no other sprilicant changes in the nature of the activities of the consolidated entity during the vear.

State of Affairs

Significant changes in the state of afters of the consciolated entity during the financial vear were:

• . In July 2004 and pursuant to shereholder approval the Company resused 10,000,000 ordinary shares at a deemed price of \$0,12 as consideration for the acculisation of all the shares in Tennant Creek Gold INTI Pty Ltd.
• In July 2004 the Company seased 6,000,000 ordinary shares at \$0.10 to raise. \$573.232 net of costs to tund exploration activities;
• . In May 2005 the Company made a placement to RAB Speciel Situations LLP of 13,500,000 ordinary sheres, each with one free atteching option, at \$0.10 to raise \$1,350,000 to tund exploration activities;
• . In May 2005 the Company sold at the shares in its which civined subsidiary Sursphere Pty Ltd, to Thor Mining Pt.C for cests and ordinary shares, taking a 24.8% interest in Thor Mining PLC.

Remuneration Report

This report details the amount and nature of remuneration of each director of the Company and the executives receiving the highest remuneration.

Remuneration Policy

The remuneration policy is to provide a fixed remuneration component and a specific equity related component. The board beleves that this remuneration policy. is appropriate given the state of development of the Company and the schylles which it undertekes and is appropriate in aligning director and executive objectives. with shareholder and businesses objectives.

The remuneration policy, setting the terms and conditions for the executive directors and other executives has been developed by the board siter seeking. professional advice and taking into account market conditions and comparable salary levels for companies of a smillar size and operating in similar sectors.

Drectors receive a tase fee of \$30,000 per annum. Sharaholders have approved Directors feas of an amount of up to \$200,000 in aggregate per annum. Superannuation contributions of 9% are part on these fees as required by law.

Executive Drectors and executives receive either a salary plus superannuation. guarantee contributions as required by law, currently set at 9%, or provide their services via a consultency arrangement. Directors and executives do not receive any retrement benefits. Individuals may, however, choose to secrifice part of their salary to increase payments towards superamulation.

All remuneration paid to directors and executives is valued at cost to the Company. and expensed. Options are valued using the Black-Scholas mathodology, Inaccordance with current accounting policy the value of these options is not expensed.

The board policy is to remunerate hon-executive directors at market rates for concalable comparise for time, commitment and responsibilities. The remuneration committee determines payments to the non-executive directors and reviews thair remuneration annually based on market practice, duties and accountability Independent external advice is sought when required. The maximum appregate amount of fees that can be paid to directors is aubject to approval by dhareholders. at a General Meeting. Peep for non-expositive directors are not inivect to the performance of the economic entity. However, to align directors' interests with shareholder interests, the directors are encounteded to hold shares in the Company and may receive collors.

Details of remuneration for the year ended 30 June 2005.

The lotowing lable decloses the renuneration of the Directors and executive officers of the Company and the consolidated enlity:

		a Britan				RATIONAL CONSTRUCTION
Specified Directors	Directors Fees	Consulting Fees	Salary	Super	Motor Vehicle	Value of options (A)	Total	Option Value as %
Executive
JW Bar $-2005$	$-30,000$	$-53,400$	NUMBER OF STREET	$-2,700$		158,995	245,095	$-65\%$
2004	20,000	72,930		1,800			94.730
NBside 2005	30.000	154,500		2,700		284,950	472.150	61%
2004	20,000	141,250		1,800			163,050
Nan-Executive
M Bowen 2005	130,000					106,795	136,795	$-78%$
2004	9.834						9,834
'î Smin $-2005$	130,000			$^{\sim}2,700$		106,795	139,495	-77%
2004	$\sim$
A Corp 2005
2004	10,440	23,000		940			32.380
Total Specified Directors
2005	120,000	207.980		8,100		657.535	993,535
2004	59,974	235,180		4,540			299,694
Specified Executives
C Bath 2005		siya ke bir	120,794	10,871	115,485	106,316	253,466	142%
2004			126,692	14,161			140,863
P Kastellorizos 2005		54,000	50.811	4,573		11.398	120,782	10%
2004
Total Specified Executives
2005		54,000	171,605	15,444	15,485	117,714	374.248
2004			126,692	14,161			140,853

(A) The tail velue of the options is calcul date to vesting date. As this

The following assumptions were used in determining the fair ways of options on quart data.

Grant Date I	Expiry Jate	Fair Value	Exercise Price	-Price of Shares at Grant	Volatiity	Bask Free Interest Rate	Oividend Yieid
-28/7704-	33/5/GF	\$0.0570	\$0.15	\$0.125	70%	-6.305%	NË
突动探控	合き落泊学	\$0.0622	SO 18	\$0.350	-56.1%	-5 27%.	NB

Options granted to directors and senior executives

During the year, the Company granted cations for no consideration over unleased ordinary shares in the Company to the following Directors and Officers:

Director/Officer	Number of Options	Exercise Price	Expiry Date
JW Bar	3.000,000	\$0.15	31 May 2007
N G Blocke	5.000.000	-80.15	31 May 2007
MPBawen	2.000.000	30.15	31 May 2007
羊棘轮胎胎	2.000.000	SS 15	31 May 2007
CUBath	2.000.000	\$0.15	31 May 2007
P Kantelionows	200,000	30.15	31 May 2007

Shareholders approved the issue of options in July 2004 and May 2005. All options were granted during the tinancial year.

Share Options

At the date of this report unleased ordinary shares of the Company under option are:

Expiry Date	Exercise price	Number of options
-31 May 2007	-30 IS	13.500.000
30 April 2007	-90.12	15,966,000

No shares ware respect on the exercise of cotions during the vear.

The options do not entitle the holder to participate in any share issue of the Company or any other hody compage.

Directors' Interest

The relevant interest of each Director in the shares, determines, interests in registered schemes and rights or options over such matoments issued by the comparies within the consolidated entity and other related body corporates, as Indifferent by the Directors in the ASX in schoonfeates with SW 54311 of the Concentions Act 2001, at the date of this recort is as follows:

Director	Ordinary Shares	Options Over Ordinary Shares
U W. Barr	9.000.000	2.300.000
N G Bode	6.054.372	4 500 GOB
MPRower	750.002	1.100.000
IN Smith	1.600.000	2.000.000

Likely Developments

The consolidation antity will continue to develop its Northern Territory exploration projects, manage its interest in Cawee Extended and manage its investments in Then Mining PLC and Batavia Mining Limited

Additional comments on likely developments of the consolidated entity are included under the review of operations and activities on pages 2 to 3 of this report.

Indernrification and Insurance of Directors and Officers

The Company has previously agreed to indemnity current and tomer directors and efficers spainst af fabilities to another person jother than the Company or a retailed horty concerned, including legal exponses that may side from their position as: directors and officers of the Company and its controlled emilies, except where the fability arises out of conduct involving a lack of quod faith or for a pecuriary pensity. under section 1317G or a compensation order under section 1317H of the Corporations Act 2001.

Insurance Premiums

The directors have not included details of the amount of the premium paid in respect of the directors' and officers' lability resurence contracts, as such: declosure is prohibited under the terms of the contract.

Environmental Requiations

The consolidated entity's operations are not subject to any significant environmental requistions under either Commonwealth or State legislation. However, the Board believes that the consolidated entity has adequate systems in piace to the mare geneat of its anviournental requirements and is not aware of any breach of frose environmental requirements as they apply to the consolidated entity.

Events Subsequent to Reporting Date

The Company has executed an agreement to sell to interests in a number of noncore tenements located in the Northern Temtory to Red Rock Pleacuroes Pic (Red) Rock). Red Rock is admitted to trading on the AM market. Consideration for the sale is 10 million ardinary fully paid shares in Pard Pook, which are freely fracteable. subject to an orderly marketing agreement.

Non Audit Services

KPMG, the Company's auditor did not perform any other services in addition to their statutory daties.

Auditor Independence Declaration

The auditor's independence declaration is included on page 8 of the financial report and forms part of this report.

Sloved in accordance with a resolution of the Directors.

John W Barr Chairman 29 September 2006

Lead Auditor's Independence Declaration under Section 307C of the Corporations Act 2001

To: The Directors of Tennant Creek Gold Limited Toacisre t

. No contrivention of any applicable code of professional conduct in relation to the suck

KPM6

KPMG

$\bullet$

Onellowsh

DP McComish Partner Pert: 29 September 2006

.
1999: av haldenlär påtradels, öss dialeced
1940: leberalderik, början medalaraden

STATEMENTS OF FINANCIAL PERFORMANCE (YEAR ENDED 30 JUNE 2005)

		CONSOLIDATED		THE COMPANY
	NOTE	2005 \$	2004 \$	2005 \$	2004 \$
OTHER REVENUES FROM ORDRIARY ACTIVITIES Total revenue	2	1,593,159 1,593,159	1,170,198 1.170,198	1,749,611 1,749,611	1,299.503 1.299,503
Occupancy costs Antriordizilea crysts Occorate costs Berowing costs Oher		81,702 305.358 -781,505 - 3,301	53.073 239.553 525,144	-74.760 254.108 681,127 . 3.211	49.601 216,998 481,948
Provision for dimension in associated entities. Provision for demosition in contrated eratters Caryng amount of confrolled entities/investments discosed Carrying amount of non-current assets sold Carrying amount of fixed assets sold	30) 32 30)	1,303,347 1,535,758 2 O.K	437,190 5,030	3,103,347 22,298 2,036,926 2.096	467.190 5,030
Strate of net losses of associates accounted using the equity method. Experation evaluation and development expenditure written off- Amerisation of exploration costs in production phase. Write down in exploration costs to recoverable amount Other expenses from ordinary activities	27 3@ 3 38	54.274 87.495 1,024,132	115,997 131,847 115,845 -582		50.000 1.729
Profil/doss) from ordinary activities before related income tax expense		(3,385,809)	(454,063)	(2.448, 433)	27,007
Income lax expense relating to ordinary activities Profit/(loss) from exclinary activities after related income tax expense. Net Profit/(toss) attributable to members of the Corapany	Ä 26	(3.385.809) (3.385.809)	(454, 663) (454, 963)	(2.448, 433) (2.448.433)	27,007 27,007
Total changes in equity other than those resulting from transactions with owners as owners attributable to member of Tennant Creek Gold Limited		(3,385,809)	(454, 063)	(2.448, 443)	27,007
Basic centrop por share Davied earnings per share	6 8,	( \$0.048) (\$0.048)	\$0.008 \$0.008

The stateme

STATEMENTS OF FINANCIAL POSITION (AS AT 30 JUNE 2005)

		CONSOLIDATED		THE COMPANY
	NOTE	2005 \$	2004.3	2005\$	2004 \$
CURRENT ASSETS
Cash assets	8	1,550,702	1.712,693	1,308,638	1,592,869
Recevables	9	431,612	183,779	345,879	81,240
Ofier	Ħ	47,977	7,275	29,421	7,275
Total Carrent Assets		2.030,291	1,903,747	1,683,938	1,681,384
NON-CURRENT ASSETS Recevables	9		475,323		475,123
Other financial assets.	10(a)		1,615,075	3.575.988	2,303,069
Investments accounted using the equity method.	1000	1,949,803
Parkland equipment	12	112,518	71,395	107,401	70,531
Exploration, evaluation and development expenditive	13	4,393,373	4.843,368		20,000
Total Nos-Current Assets		6.455,694	7,004.961	3,683,389	2,666,723
Total Assets		8,485,985	8,908,708	5,367,327	4,348,107
CURRENT LIABILITIES Payables	14	274,594	441.598	274,594	422,956
Interest beams ashilles	15	16,379		16,379
Provisions	17	17,241	32,566	17,241	32,556
Total Corrent Liabăties		298,214	474,354	298,214	455,512
NON-CURRENT LIABILITIES
Interest beams labilities	15			29,498
Non-interest beating labilities	16			562,679	76,754
Total Non-Current Liabilities		29,498		592,177	76.754
Total Liabilities		327,712	474,354	890,391	532,266
NET ASSETS		8,158,273	8,434,554	4,476,936	3,815,841
EQESTY
Contributed equity	18	6,581,394	3.471,866	6,581,394	3,473,866
Reserves	19	4,653,656	4.663,656	70,000	70,000
(Accumulated tosses)/Retained orbits	20	(3,076,777)	309,032	(2,174,458)	273,975
TOTAL EQUITY		8,158,273	8,434,554	4,476,936	3,815,841

The statg

STATEMENTS OF CASH FLOWS (YEAR ENDED 30 JUNE 2005)

		CONSOLIDATED		THE COMPANY
	NOTE	2005 \$	2004 \$	2005 S	2004 \$
CASH FLOWS FROM GPERATING ACTIVITIES
Cash payments in the course of operators:		1,012,005)	(744,887)	(812,990)	(688,799)
riecesi receiven		36,729	132.502	-53,915	132,502
Proceeds from covaries		304,533	153,873
Net cash used in operating activities	28(0)	(670, 743)	(458, 512)	759.075	(556, 297)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on disposal of non-current assets Proceeds on see of investments			4,412 105.752		4,432 105.752
Procedos on receivinent of advances to other parties.			1.526,374		1,526,374
Proceeds from sale of Sunscrience				293.773
Loan to controlled entities				1,379,864)	(21,146)
Advances to other parties.			(806,920)		(806,920)
Payments for cent and economent		- 61,5111	(35, 430)	(51, 512)	(36,436)
Payments for investments.		(320, 278)	$523,636$	(290,278)	(923, 635)
Payments for exploration and development expenditure		(1,315,956)	(2,770)
Net cash used in investing activities.		(1,393.521)	(132,217)	(f.427.429	(150, 593)
CASH FLOWS FROM PRIANCING ACTIVITIES Proceeds on issue of shares		1,950,000		4,950,000
Transaction contist from insure of shares.		(40, 473)		(40.473)
France lease payments		(7,254)		(7,254)
Net cash received from financing activities		-1,902,273		1,902,273
Net decrease in cash held		(161, 991)	(590, 729)	(284, 231)	(706, 890)
Cash at the beginning of the Imangai vear.		1,712,693	2.303.422	1,592,869	2,239,759
Cash at the end of the financial year	28@	1,550,702	1.712.693	1,308,638	1,592,869

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

The significant accounting policies which have been adopted in the preparation of this tinancial report are:

(a) Basis of preparation

The financial reg

Consensue Vews, other authoritative pronouncements of the Australian Accounting Standards Board and the Concorations Act 2021

The Sherview webset or foir you see of monitors available to

These areas

accounting policy are consistent with those of the prevaces year.

(b) Principles of consolidation

Controlled entities

Than financial stateme Procleof reasons.

Associates

Associates are those entities, ofter than partnerships, over which the consolidated entity exempes significant influence and which are not intended for sale in the near future.

in the consoliciated are carried at the lower of the equity accounted amount and recoverable amount. The consolidated emity's equity accounted share of the associates' net or. until the date significant influence ceased. Other movements in reserves are recognised directly in consolidated reserves.

Transactions eliminated on consolidation

Unrealised dairs and losses and intereminy balances resulting from transactions with or between controled antifies are eliminated in full on consolidation.

Chrease

s interest. Unnelleed gans realing to associates and jont venture entities are eliminated against the carrying amount of the investment. Unrealised losses are aimhated in the same way as unrealised gams, unless they evolve a recoverable amount impairment

(c) Revenue recognition - Note 2

Revenues are recognised at fair value of the consideration received net of the amount of goods and services tax (GST) psyable to the taxation authority. Exchanges of goods or services of the same nature and value without any cash consideration are not recognised as revenues.

Sale of poods and services

Peverus

Pevenue from services is recognised at the time the service is provided.

interest mierue

Interest revenue is recognised as it accrues. Taking into account the effective year on the financial asset.

Sala of non-current assets

The gross proceeds of non-current asset sales are included as revenue at the clate control of the asset passes to the buyer, usually when an uncenditional contract of sale is signed.

The gan or loss on dispossi is calculated as the difference between the canying amount of the asset at the time of disposs and the net proceeds. on dianocal

Dividends

Pevenue from dividends from controlled entities is recognised by the Company when they are decisined by the controlled entities.

Pevenue from dividende from associates end other investments is recognised when dividends are received.

(d) Goods and services tax

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Ausralen Tax Office (ATO). In these circumstances, the GST is recognised as part of the cost of acquisition of the esset or as part of the expense.

Receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or lability in the statement of financial position

Centri Bossel are

activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(e) Borrowing costs

Borrowing costs include interest, amortisation of discounts or premums relating to borrowings, amortisation of anothay costs incurred in connection with arrangement of borrowings and lease finance charges.

Ancilist

Bonowing costs are expensed as incorred unless they relate to qualitying assets.

(f) Taxation - Note 5

The consolidated entity adopts the moome statement lability method of tax effect accounting.

income las waners timing differences. in the statement of finances position as a future income tax benefit or a provision for deterred income tax.

Future incombenefits relating to tax ice untega realization is virtually certain.

Capital gains sex. 4 applicable, is provided for in establishing period income tax when an asset is solid.

Tax Consolidation

The Coribany ( Eclemental labilies of the tax-consolidated group (siter elimination of intragroup francestions).

(g) Acquisition of assets

All assets acquired mob-

When equity instruments are seried as consideration, their merket price at the date of acquisition is used as fair value. Theresofon costs arising on

Where settement SCYCLE

Subsequent additional costs

Costs incurred priginsty assessed perfor are expensed as incurred.

(h) Receivables -- Note 9

The collectionly of debto is assessed at balance date and specific provision is made to lary doubtful accounts.

Trade debtors

Trade distributs for tre petited within 60 days are carried at amounts due.

@ Investments

Controlled entities

Investments in controlled antifas are caried in the Company's financial statements at the lower of cost and recoverable amount.

Associates

In the Company's linances statements investments in associates are camed at the lower of coat and recoverable amount

Other entities

Investments in other fisted and unlisted entities are canted at lower of cost and recoverable enrount.

(i) Leased assets

Leases under which leases. Other leases are classified as operating leases.

Operating leases

Paymente made und representative of the pattern of benefits to be derived from the leased properly.

Notes to the Financial Statements

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(k) Exploration expenditure

Exploration coats are accumulated in respect of each separate area of interest.

Exploration costs an

successful development and exploitation of the area of interest, or, where exploration and evaluation activities in the area of interest have not yet leadred a stage that parmis raaschable assassment of the existence of economically recoverable reserves.

Development costg successful explotation of the area of interest.

When an area of intr off in the financial period the decision is made.

(i) Recoverable amount of non-current assets valued on cost basis

The carying am-

reviewed to determine whether they are in expess of their repoverable amount at batance date. If the carrying amount of a non-current asset excendidate de

$\infty$

Where a group proprie.

in assessing o specifically stated.

(m) Depreciation and amortisation

Haght lives

All assets, including lives, taking into acc.

a unts of production basis over the file of economically recoverable reserves and finance lease assets which are amotised over the ferm of the interent lease or where it is likely the consolidated entity will obtain ownership of the asset, the fife of the asset,

Assets are depreciated or amortised from the date of acquisition.

Amordisali commences.

Deprecedent

prospectively in current and future periods only. Depreciation and amortisation are experience, except to the extern that they are induded in the carying amount of another asset as an altocation of production overheads.

The deprepation/anotication rates for each class of assets are as follows:

	$2006$ $2004$
Property, plant and equipment
Leasehold murcivements	1.33-50% - 1	- 333-5993.
Pant and equipment	20-40%	20-40%
Exploration, evaluation and development expenditure
Production arease (units of araduction).	3.2231	2.5333

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(n) Pavables

Labilies are recognised for amounts to be paci in the tuture for goods or services receives. Trade accounts payable are normally settled within 60 davs.

(o) Employee benefits

Wages, salaries, annual leave and sick leave and non-monetary benefits

Lisblites to

provided to reporting date, calculated at undiscounted emounts based on remuneration wage and salary rates that the consolidated entity expects. to pay as at reporting date including related on-costs.

venes

Non-accumulating non-monetary benefile, such as interest free losns, are expensed based on the net marginal cost to the consolidated enrity as the benefits are laken by the employees.

Employee share and option plans

When shares or collons are issued to employees as remuneration for cast services, the difference between lair value of the shares or collons. issued and the consideration received. If any, from the employee is expansed. The fair value of the shares or options issued is recorded in combinuted equity.

Ò.

Wereactional cost3 expensed. Other administrative coats are expensed.

Superannuation plans

The Company and as they are made.

(p) Joint ventures

The consoldated entity's interest in an uninconcrated sort verture is provokit to soccurit by inducting its interest in the following amounts in the appropriate categories in the statement of financial position and statement of financial performance:

• · each of the individual assets employed in the joint venture
• $\leftarrow$ Sabilies incurred
• . expenses incorred in relation to the joint venture
• · revenue from sale of output.

(q) Earnings per share

Basic earlings %

excluding any costs of servicing equity (other than ordinary shares and converting preference shares classified as ordinary shares to EPS calculation purposes), by the weighted average number of ordinary shares of the Company, adjusted for any tomus issue.

Diuted EPS is calculi

o dinay shares and the effect on revenues and expanses of conversion to ordinary shares associated with distive potential ordinary shares. by the weighted avarage number of ordinary shares and dilutive potential ordinary shares adjusted for any bonus issue.

(f) Use and revision of accounting estimates

reviews see land as historical experience that are believed to be reasonable under the piroumstances.

Revisions to access

pariod of the revisor: and future pariods if the revision affacts both current and future panods.

2. REVENUE FROM ORDINARY ACTIVITIES

	CONSOLIDATED		THE COMPANY
	2005.5	2004.B	2008 \$	2004.5
CTHER REVENUES
From operating activities Interest: Other parties		128,903	53.186	128,903
Rovaties Consideration on distribution, of investments		245,695 668.479		668.479
From outside operating activities
Gross proceeds on sale of confrolled entity. Gross processis from sale of non-corrent assets.		105.753	794 Q	480,753
Grass proceeds on sete of fixed assets. Offer	452 3.598	4.412 16,956	1,058	4,412 16,956
Total revenue from ordinary activities	1.593,159	1.170.198	1,749,611	1,299,503

3. PROFIT/(LOSS) FROM ORDINARY ACTIVITIES BEFORE INCOME TAX EXPENSE

(a) Individually significant items included in profit/(loss) from ordinary activities before income tax expense
Procesos from sale of controlled entities Carrying amount of controlled entities		1,274,576 1,535,758		1,694,915 2,036,926
Net loss on sale	2601	(261, 182)		(342.011)
Proceeds and consideration from sale of non-current assets Canying amount of non-current assets sett-			774,232 437,190		1,349,232 467,190
PREN Qam			337,042		682.042
Procesos from sale of fixed assets Carrying amount of fixed assets sold		452 - 2,096	4,412 5,030	452 2,096	4,412 5.030
Nes loss		(1,644)	(618)	(1,644)	1618)
Exploration expenditure written-off		54.274	131,847	20,171	50.000
Provision for dimouster in associated entity.	10(0)	1,103,347		1,103,347
Write down in excloration costs to recoverable amount	13	1,024,132
(b) Profit/(Loss) from ordinary activities before income tax expense has been arrived at after charging/(crediting) the following items: Deceasion of: Pant and equipment Plant and equipment under tease Amerikation et: Exploration costs Leasehold improvements		30.227 9.566 87.49!	32,878 115,845 4.043	28.262 9.565	32.533 4.041
Total deprecabon and americation		127,287	162.764	37,827	36.674
Net expense/(benefit) from movements in provision for Employee entitlements		(15,315)	(8,823)	(15,315)	(8,821)
Operating lease rental expense: Meanum lease caverabls		102,633	89,849	95,691	89,849
Net gan/(loss) on disposal of non-current assets: Pant and equipment Controlled entities.		(1.644) (261,182	第18)	(1.644) 342.0TT	16189
ingstments			337.042		682.042
		(262, 826)	336,424	(343,656)	681,424

4. AUDITORS' REMUNERATION

	CONSOLIDATED		THE COMPANY
Actions of the Company	2005 \$	2004 S	2006 \$	2004 \$
KPMG Australia:
Acut and review of thancial reports	37.000	34,700	37.000	34,700
5. TAXATION
(a) Income tax expense
Prima fabe income lax expense/(banels) calculated at 30% (2004/30%) on the profit/(loss) from ordinary activities.
		(336.219)		8,102
Increase in income lax expense due to: Entertainment	3,751	3,640	3.751	1.640
Legas costs	3.687	7,448		7,448
Share of associates net loss		34.739
Write down exploration expenditure.		39,355		15,000
Profil on sale of listed investment		(4.217)		99.284
Write down of production costs. Oher		图811		130
Decrease in moorre lax expense due to:
Non assessable profit on disposal of controlled entity. Capital loss brought to account income lax expense rested to current and deterred tox transactions of		(105,328)		(105.328)
the wholly owned subsidiaries in the tax consolidated group Income lax benefit not brought to account	622.710	163,103	(306, 627) 929.950	(189,379) 163, 103
Income lax expense benefit allinholable to operating profit/floss).
(b) Future income tax benefit not taken to account
The potential lubure income law benefit ansing from law looses has not been rendorised as an asset because recovery of tax losses is not virtually certain.	704,015	442.304	704.015	442.304

The potential future income fax benefit will only be obtained if:

$\langle b \rangle$ the group denots future assessable income of a nature and an amount sufficient to enable the benefit to be realised;

(ii) the group continues to comply with the conditions for declaritiofly imposed by the law: and

(a) no changes in tax logistion activisely affect the group in material free benefit.

6. EARNINGS PER SHARE

The following releats the scoppe and shee data used in the captablers of basic and plated earnings per share:

	ТЯЕ СОМРАЛУ
Nel loss	$2005 - 2004 - 3$ (3,385,809)	-454.063)
Weighted average runder of orderary shares used in calculation	Number of shares Mumber of shares The common the ٠.
of basic earnings per share.	69.997.448	53.478.270

Divided earnings per share has not been calculated as there are no potential ordinary shares considered divides

Notes to the Financial Statements

7. SEGMENT REPORTING

Secriet

reasonable tasse. Unsidersted items mainly comprise corporate assets and expanses.

Business Segments

The consolidated entity comprises the following main toprass segments, based on the consolidated entity's management reporting system.

Exploration Exploration and development on tenements. Investments invastments in publicly listed and other companies.

Geographical segments

The consoldated entity's business segments at operate in Australia.

	CONSOLIDATED		THE COMPANY
2005	Exploration \$	Investments &	Elingrations \$	Total &
Primary Reporting Business Segments
Revenue External segment revenue	261,088	1.328,023		1,589,109
Total segment revervie Other phasiboated revenue	261,088	1,328,023		4,050
Total revenue				1,593,159
Result Segment result	(817,318)	(1.364, 529)		(2,181,847)
Unallocated corporate expenses Loss lam ordinary activities before noome lax Income lax expense				(1,203,962) (3,385,808)
Net loss				(3,385,889)
Depreciation and amortisation Unailocated corporate depreciation and amortisation	a kithy kinak 87,495			87,495 39.792
				127,287
ledividually significant Rems Exploration expenditure written off Net loss on disposal of controlled entity Provision for detection of associate Write down in exploration costs to recoverable amount	1,024,132	261,182 1.103.347		54,274 263,182. 1,103,347 1,024,132
				2,442,935
Assets Segment assets	4,393,373	1.863,688		6,257,041
Unafocated controlate assets				2,228,944
Consolidated total assets				8,485,985
Liablities Segment secretes
thailocaled corporate labitries				327,712
Consolidated total liabilities				327,712

7. SEGMENT REPORTING (continued)

	CONSOLIDATED		THE COMPANY
2004	Exploration \$	Investments \$	Eliminations \$	Total \$
Primary Reporting Business Segments
2004 Revenue External segment revenue	245,696	790,082		1,035,778
Total segreent revenue Other snakocated revenue	245,695	790,082		1,035,778 134,420
Total revenue				1,170,198
Result Segment result	(1,997)	236,896		234,899
Unakoraled mapparee expenses Loss from ordinary activities before income tax Income lax expense				(688, 962) (454,063)
Net loss				(454,063)
Depreciation and amortisation Unatonated mappake deprenation and amortisation	115,845			115,845 36,939
Individually significant items Exploration expenditure written off Net gan on disposal of investments	31.847	397,042		152,764 131,847 337,042
Assets Segment assets	4,843,368	1,615,073		6,458,441
Unatocated corporate assets				2,450,267
Consolidated total assets				8,908,708
Lisbilities Segment labities
Unatocaled corporate tablides				474, ES4
Consolidated total liabilities				474,154
	2005 \$	2004 \$	2004 S	2004 \$
8. CASH ASSETS
ින Bark shart term deposits	1,480,702 70,000	200,790 1,511,903	1,238,638 70.000	80,966 1,511,903
	1,550,702	1,712,693	1,308,638	1,592,869

The bank short term deposity maturing with 90 days and paying intenst at a weighted average intenst rate of 5.30% at 30 June 2006 (2004-5.33%).

9. REGEIVABLES

$\vee$ , , , , , , , , , , , , , , , , , , ,	2005 \$	2004 S	2005.S	2004.S
Carrent Tracks dedices Other dealers	-19,48 412.131	19,961 163,818	$\sim$ 345.877	19.961 61.279
	431,612	183.779	345.877	81.240
Non current Loans to controlled entities. Less: Provision for doubtful debis. Loans to other entities.		475,123	$-1,776,729$ 776.729)	1,764,381 (7,754,381) 475,123
		475,123		475,123

10, OTHER FINANCIAL ASSETS

		CONSOLIDATED		THE COMPANY
	NOTE	2005 \$	2004.5	2006 \$	2004.5
(a) Non Carrent Investments in controlled entities.
Unisted shares all cost	26			2,492,261	1,235,938
Less: Provision for denauriers				(835,938)	(835,938)
				1,655,323	400,000
Investments in other entities.
Associated onlines				3,023,012
Less: Provision for detensition	38			(1,103,347)
Listed stares/options at cost			1,570,736		1,656,730
Unisted shares at cost			44,339		44,339
			1,615,075	1,919,665	1,703,069
			1.615.075	3,575,988	2,303,069
(b) Non Current
Investments annoavied for using the equity method.
Batava Mawig Lit/	27	2,023,424
Less provision for diminutory		(1,103,347)
The Mean PLC		$-920,077$ 1,029,725
		1,949,802
11. OTHER CURRENT ASSETS
Prepayments		47,977	7,275	29,421	7,275
12, PLANT & EQUIPMENT
Leasebold exprovements
At cost Accomulated americation		.22,736 (20, 566)	20,565	22,736	20,566
		2,170	(20,566)	(20,566)	(20,566)
				2,170
Park and equipment At cost		233,125	205,898	225,174.	204,518
Accumulated deprecation		(151,471)	(134,503)	(148, 637)	(733,987)
		81,654	71,395	76,537	70,531
Mohr vehicle under tease
Ai così		38,259		38,259
Accumulated depreciation		(9,565)	(134,503)	(9,565)	(F33,987)
		28,694		28,694
Total plant and equipment net book value.		112,518	71,395	107,401	70,531
Reconcilations
Reconcilations of the carrying amounts for each class of
pient and equipment are set out below:
Leasebold improvements
Carrying amount at beginning of year
Additions Anortisation		2,170	4,043 편,043)		4,041 84.049)
Carrying amount at end of year.		2,170		2,170
Plant & equipment Carrying amount at beginning of year		71,395	69,050	70,531	67,841
Addiens		42,582	40,252	$-35,364$	40,252
Disposais		- (2,096)	\$029	(2,096)	(5,029)
Deprecation		(30, 227)	(32,878)	(28,262)	(32,533)
Camying amount at end of year		81,654	71,395	76,537	70,531
Motor vehicle under tease
Carrying amount at beginning of year
Addians Amorisation		38,259		38,259
		(9,565)		(9,565)
Canying amount at end of year.		28,694		28,694

13. EXPLORATION, EVALUATION AND DEVELOPMENT EXPENDITURE

	CONSOLIDATED		THE COMPANY
	2005.9	2004 \$	2005.5	2004 \$
Costs carried forward in respect of areas of interest in- Production press At cost	$+1,287,418$	1,287,418
Accomulativo ameritarion	(203,340)	(715,845)
Less: Write down to recoverable amount:	$\pm 1,084,078$ 1.024.132	1,371,573	TTL
	59,946	1371.573
Exploration prese - at cost	4,333,427	3.673.795		20.000
Total exploration, evaluation and development expanditure.	4,393,373	4.843.368		20,000

The cit

commercial excloration or sale of the respective areas.

Valuation

An independent valuation was carried out in January 2000 by Continental Resource Management Pty Ltd (CRM) and used the Prospectivity Enhancement Multpler method, which is based on previous exploration expenditure and, in the case of Cavise Extended, the yardstick, or comparative datai method. The Cawas Extended valuation was also cross checked against the discounted insitu contained metal value of the tenament. The Directors are of the ophern that this basis provides a maternable estimate of recoverable amount

$\mathbf{r}, \mathbf{e}$

range of \$4,800,000 to \$8,800,000, with a preferred value of \$7,200,000.

In June 2005 the Company commissioned CRM to provide a turting updated valuation report. This updated report lakes into conscientation the mining that has occurred at Unicom, additional drilling at Cawse Extended and changes to the price of nickel. The in situ contained metal method has been used to astimate the value of the contained metal consained within the plishesis and forms the range of values for the valuation. An atenale method of valuation was to calculate the potential royalty due based on the same amangement as for the Unicom pit. ORMs preferred velos for the Company's 20% interest in Cawee Extended is \$4,200,000, which is in excess of its canying value of \$3,675,000.

CONSOLIDATED

. . . . . . . . . . . . . . . . . . . .

14. PAYABLES

		2005 \$	2004 \$	2005.3	2004 \$
Carrent Trade creditors Other creditors and accruais		274,594	324,949 116,649	274,594	324,836 98,120
		274,594	443,568	274.594	422,956
15. INTEREST BEARING LIABILITIES
Current Lease isbely		6,379		6.379
Non-Current Lease seeky		29,498		29.496
16. NON-INTEREST BEARING LIABILITIES
Non-Current Other loans - controlled entities.	39%			562,679	76,754

17. PROVISIONS

Carrent

Engayee entiteneets

Number of employees

Number of employees at year end.

-29	the country $\ddot{\phantom{a}}$ . 17.241	32.556	Channel Committee $\ddot{\phantom{0}}$ 17.241	32.556
	$\label{eq:2} \begin{split} \mathcal{L}{\text{max}} & \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0.5 \mathcal{L}{\text{max}} \geq 0$ The Corporation $\sim$ . The company of the Product and a state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of the state of t ٠.	55	Napoleon (1994) Antonio COLLECT of the age presented the The company of the company of the company	$\cdots$

THE COMPANY.

. . . . . . . . . . . . . . . . . . . .

18. CONTRIBUTED FOUITY

	2005		2004
	Number	Υ.	Number	Я.
lesued and part-up share capital 82,978,270 (2004:53,478,270).
ordinary shares, lufly paid.	6.581.394	3.471.866	6.581.394	3.473.866
(a) Movements in shares on issue
Balance at the beginning of year	-53,478.270	3,471,865	153,478,270	3,471,866
Share placement	$-6.000.000$	600.000	$= 6.000,000$	600,000
Consideration for acquisition of Tennant Creek Gold (NT) Pty Ltd.	10,000,000	1.200.000	$+10.000,000$	1,200,000
Share Placement Share issue costs	13,500,000	1.350,000 (40.472)	$-13,500,000$	1,350,000 (40,472)
Balance at end of year	82,978.270	6,581,394	82.978,270	6,581,394

During the year the Company underlook capital raisings to fund the acquisition of Termant Creek Gottlink?) Ply Ltd and to fund exploration activities and tund corporate and administrative costs. The details of these issues are as tollows:

Sharp Disconnants

On 14 July 2004 the Company issued 6.000.000 onlinery shares at \$0.10 to raise \$573.232 that of expensest to fund the ore-fasebility $\sin\vartheta$

November 2004.

Porsuant to shareholder approval received on 20 May 2005 the Company issued 13,500,000 ordinary shares at \$0.10 each with one free allaching colon to RAB Scenar Stuatons U.P rasing \$1,345,267 (net of excenses to tund ongoing systemation and development activities

Acquisition of Teanant Creek Gold (NE) Pty Ltd

Pursuant to shareholder approval received on 1 July 2004 the Company issued 10,000,000 ordinary shaves at a deemed issue price of \$0.12 as consideration for the acquisition of all the spaced shares of Tennant Creek (NT) Pty Ltd.

Terms and conditions of contributed equity

Holders of prohary shares are entitled to receive dividends as declared from time to time and are entitled to one yote per share at interestwitten in maniform

In the event of winding up of the Company, ordinary shareholders rank after all other shareholders and creditors and are luly entitled to any nichtets inten en steelen.

(b) Options

Movement in options on issue are as follows:

		Exercise Price Number at beginning of year Sisted Issued a di wakati wa mwaka wa mshi wa mshi wa mareji wa mshi wa mshi wa mshi wa mshi wa mshi wa mshi wa mshi wa mshi			Express Minder at environment
		the contract of the	.
്റ് കേരട്		.		Service Stephene	. .
13 F. R. BERG	333 TA

Clotters Issue

• 3 Pursuant to shareholder approval received on 20 May 2005 the Company issued 13,500,000 shares to RAB Special Stuations (Master) Linked at \$0.10 each with one free siteching option exercisable at \$0.12 on or before 30 April 2007.
• 5 Oun'

appel

emp

lesued under the Tennant Creek Gold 2004 Employee and Consultent Share Option Scheme. The terms of at options esued include an expliy data of 31 May 2007 and exercise price of \$0.15.

ii) During the year 210.000 options tapsed.

19. RESERVES

		3A FEB 3		THE COMPANY
	*** THING AND LOTTERS SON DE $\sim$ . . .	72. .	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, and a significant control	,,,,,,,,,,,,,,,,,,,,,,,,,,
Asset	. . $\mathcal{F}_{\mathcal{F}}$ . The Contract Contract	.	Property Links Co. 2014 $\mathcal{F}_\mathcal{A}$ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	ya ngin

There was no movement in the asset revaluation reserve during the year.

Nature and purpose of reserves

Asset Revaluation

The assal revailabon reserve includes the net revaluation increments and decrements arising from the revaluation of non-qurent assals in $\pm 0.003$

of using the assemed cast election for exploration expenditure when solapting AASB 1041.

	CONSOLIDATED		THE COMPANY
	2005.3	2004 \$	2005.3	2004 S
20. RETAINED PROFITS
(Accumulated losses)/refamed profils at beginning of year.	309.032	1.431.574	273.975	915,447
Net profit/(loss) attractable to members of the Company.	$(3.385,809)$ .	(454,083)	(2,448,433)	27.007
Dividends recognised during the year.		1668.4795		(668,479)
(Accumulated losses)/relatived orbifs at the end of the year	(3,076,777)	309.032	(2.174.458)	273.975

21. DIVIDENDS

No dividends were decisent or paid doring the 2005 financial year.

Dividend franking account

30% Franking cradits available to shareholders of Tennant Creek Gold Ltd for subsequent finance years

The above entity may be prevented from distributing in subsequent years.

THE COMPANY 2005 8 2004 8 3 4

٠	٠
1.1.1.1	$\ddotsc$
750,571.		750.571

22. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURE

(a) Interest rate risk

Interest rate risk exposures

The consolidated entity's exposure to menost rate risk and the effective weighted average interest rate for classes of financial assets and financial listriffers is set out teknol. ...................................

	Note	Weichted Average interest Rate %	Floation Interest Bate 1 Year or Less	Fixed laterest Bate Wear or Less	Fixed laterest Bate 1 Year to 5 Years	Non-Interest Веатно	Total
2005
Firancial Assets
Casin at bank	8		1,480,702				1.480.702
Interest bearing deposits	8		70,000				70,000
Recevables	9					431.612.	431,612
Other linanceal assess	10					1,949,802	1.949.802
			1,550,702			2,301,714	3.932.316
Financial Liabilities
Payabies	14					274,594	274.594
Employee benefits	17						17,243
Lease Liabely	16	7.09		6,378	29,498		35,877
				6,378	29.498	264,335	327,712
2004 Firancial Assets
Cash al bark	8		200,490				200,790
Interest bearing deposits	8		1,511,903				1.511,903
Recevables	9					658.902	658,902
Other linancial assets	10					1,615,075	1.615,075
			1 712 393			2,274.277	3.986.670
Firancial Liabilities
Payabies	14					441,598	441.598
Employee benefits	17					32,556	32,555
						474,154	474,154

(b) Net fair values of financial assets and liabilities.

Net fair values. Recognised financial instruments

The carying amounts and net fail values of financial assets and tabilities as all the reporting data are as follows:

	2005		2004
Firancial assets	Сагуин Апоня	Net Fair Value	Санува Аполн.	Net Fair Value
Cash assets	1,480,702	1.480,702	$-200,790$	200,790
Interest beams deposits	$-70,000$	70,000	(1,511,903)	1.511,903
Becausibles	1431,612.	431,612	14.183,779	183,779
Loans to other emblies.			$\sim$ 475,123	475,123
Other therical assists:
Investments in associated companies -- listed	.949.802	5160.359
Investments in other entities - insect			.576.734	2,303,792
Investments in other entities - présted				44,339
Conventible notes
Financial labilities
Pavades	274.594	274,594	441.598	441,598
Employee entitiements	17.241	17,243		32,556
Lease tability	35,877	35,877

Valuation approach

Net fair values of financial assets and liabilities are determined by the consolidated entity on the following basis:

Recognised financial instruments

The net f%

necessary to realise the asset.

Refer to note 27 for details on the eacrow of shares held in Thai Mining PLC.

23. COMMITMENTS

Exploration expenditure commitments

in octer mini. subject finsended revont

Exploration commitments not provided for in- the financial report payable:	CONSOLIDATED		THE COMPANY
	2005 \$	2004.3	2005 \$	2004.3
Within one year	27.840	20.000
Non-cancellable operating lease expense commitments Future consisting lease commitments not provided for in the financial statements and payables.
Willin one year One year or later and no later than two years	12.238 25,933	104.509 22.947	112,238 25,933	104,509 -22.947
	138.171	127,456	138.171	127.456

The consciolated entity teases property under non-cancellable operating teases explang within two years. Leases generally provide the conscirciated emby with a right of renewal at which time at terms are re-negotiated.

24. CONTINGENT LIABILITIES

The details and estimated maximum amounts of contingent tabilities that may become payable are set out below. The Directors are not aware of any circumstance or information which could head them to believe that these fabilities will crystalise and consequently no provisions are included in the financial platements in respect of these matters.

	CONSOLIDATED		THE COMPANY
	2005.8	2004 \$	2005.8	2004 S
Libeation Constructive bost claim over the Kanowna Securities. Relief below, Guarantees A quarantees heen provided to support proportional		277.000		277.000
environmental performance ponde Indemnities Indemnies have been provated to Directors and certain executive officers. of the Company is respect of subdities In them parties arena from their posibles, except where the fability arises cut of chrobact involving a fack. of good lath. No monetary limit applies to these appearants and thore- are no known obligations culstanding at 30 June 2005.		70.000		70.000
Total estimated contingent liabilities	347.000	347.000	347.000	347.080

Resolution of matters arising from 1998.

In the period September to December 1998 management control of Tennant Creak Gold was hald by micreats associated with Davis Samuel Pty Ltd (Davis Samue). The Davis Samuel nominee directors committed Tennant Creek Gold to a senee of transactions involving expenditure totaling \$1,526,00%

voted against approving the transactions.

In December 1998, Tennant Creek Gold entered into a settlement agreement with Davis Samuel and its directors which effectively provided for the repayment of the functs expended, and Termant Creak Gold would in turn transler to phanes and customs in Kanowe Lights Limited the Kanowna Securities) to Davis Samuel.

The Commonweath of Australia the Commonwealth in proceedings in the Suprame Court of the Australian Capital Tentory claimed that it was entited to a constructive trust over the Kanovina Securities and obtained an inunction preventing Tennant Creak Gotd form seting or otherwise discosing of hem. The Commonweath nee daimed that as constructive bustee, the Commonweath claims Ternant Creek Gold is letter to account for the market value of the chares at the time they were acquired. The Commonwealth gave an underfalling as to clamages.

Subsequently, in September 1999, Davis Samual purported to rescind the December 1998 Settement Agreement.

The Commonwealth is on notice that if Tennant Creek Gold suffers damages as a result of the Commonwealth's xyunction, and the Commonweath utimately fails to prove its constructive trust claim. Tennant Creek Gold will claim the damages from the Commonweath.

24. CONTINGENT LIABILITIES (continued)

Legal action against Davis Saniuel

Tennant Craska parties including Messis Allan Endresz, Peter Cain, William Forge, David Muir and Peter Clark

in July 2001 Meass William Forge, David Muir and Peter Clark were charged in relation to offences under the Corporationa Law of Western Australia realing to the October 1998 transactions, pursuant to which Tennant Creek God expended \$1,526,000. In Merch 2004 Messins Forge & Clarke ware convicted and sentenced on charges of making improver use of their positions as company directors.

Terrent declined to make a reparation order.

25. DEED OF CROSS GUARANTEE

Pussent

Corporations Act 2001 requirements for preparation, audit and todgement of financial reports and directors reports.

If is a coordination that the Comp provisions of t event that all

Company is wound up. The subsideres subject to the Deed are Company's Mining NI, and Engine Mining Limited.

in accoma

positon comprising the entities that are party to the Deed should be disclosed. A consolidated statement of financial performance and consolidated statement of lineroals position, comprising the Company and subsclaires which are a party to the Dead, after siminating all transactions between parties to the Deed of Cross Guarantee, at 30 June 2005 is set out below.

CONSOLIDATED

	2005 S	2004 B
Statement of financial performance
Profig(loss) from ordinary activities before income tax	(3,303,588)	(454,063)
Income lax benefit relating to ordinary adivities
Profit/(loss) from ordinary activities after related income tax expense	(3,303,588)	(454,063)
Net profil/(loss)	$(3,303,588)$ .	(454,063)
Retained profits at beginning of year.	309.032	1,431.574
Dividents recognised during the year		668,479)
Retained profits at end of year	(2.994, 556)	309,032
Statement of financial position Cash assets	1,537,063 -	1.712.693
Recevables	1404,164	183,779
Oher	29,421	7.275
Total current assets	1.970,648	1,903,747
Recevabies		475.123
Other financial assets	3,206,126	1,615,075
Park & equationed	107,921	71,395
Explorabon, evaluation and development expendition	3,695,084	4.843.368
Total non-current assets	7,809,131	7,004,961
Total assets	8,979,779	8,908,708
Pavadias	$= 274,593$	441.598
Lease tability	1.16,379
Provisions	17,241	32.555
Total current kabilities	298,213	474.354
Lease tability	$-29.498$
Amounts owing to controlled entity	411,574
Tobal com-o smart issteides.	441.072
Total bebilders.	739,285	474.154
Net assets	8.240,494	8.434.554
Contributed equity	6.581.394	3.471,866
Reserves	, 4,653,656.	4.663.656
Related ordits	(2,994,556)	309.032
Total Equity	8,240,494	8,434,554

26. CONTROLLED ENTITIES

(a) Particulars in relation to controlled entities.	Communi Incompension	2005.26.01 Eculty Interest	2004% of Equity Interest
Controlled entities
Cornacti Marq N.		100
Engree Mang Leaned	i Australia	100
Termind Croek Gold (MT) Ply Lici (acquired 2177/04).		100
Sarely Creek Mining Psy Ltd (acquired 10/2/2005).	Australia	100	100

(b) Acquistion/disposal of controlled entities

Acquisitions of entities

During the financial year, the consolidated entity acquired of all the ordinary shares of Tennant Creek Gold (NT) Pty Ltd., Sunsphere Pty Ltd. and Sandy Creek Pty Ltd. Details of the acquisitions are as tollows (in aggregate):

	CONSOLIDATED		THE COMPANY
	2005 \$	2004 S	2005.\$	2004 S
Consideration (cash)
Consideration (non cash)	1,200,000		1,200,000
Total consideration	1,200,002		1,200,002
Fair value of lassess of entities accurated:
Qast	16.716		$-16,716$
Part and equipment	2,849		$-2,849$
Flexcewables	3,203		3.208
Maxes experators	1,301,406		$^{\circ}1,301,406$
Loans	`(121,443) -.		(121, 443)
Trade creditors	(2,734)		(2,734)
	1,200,002		1,200.002
Disposals of entity During the financed year, the consecrited entity discorped of all its interest in a wholly controlled entity Sunscheen Pty Ltd, in exchange for cash and shares to over tra 24.8% interest in Thor Minkip Pt.C, which became an associated onlig. Delais of the disposal are: Opresideration (cash) Consideration (non-cash) Less capying amount of disposal Less retained creates!	605,327 869,249 (2,018,300) 482,542		$-605,327$ $-3,089,588$ (2,036,926)
Loss on disposal	(261, 182)		(342,011)
Net assets of entities disposed of: Qash Part and equipment Maxeal exploration 1.0000	20 185,000 1,877,209 (43, 929)		-20 485,000 1,877,209 (25,303)
	2,018,300		2,036,926

27. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

Details of investments in associates

Thor Mining PLC

On 20 May 2005 the Company acquired 45 (000,000 shares in Thor Mining PLC pursuant to the Sale and Purchase Agreement under which Sunsphere Pty Ltd. a wholly owned subsidiery, was sold to Thor Mining PLC. At the completion of the transaction the Company held $\propto dE$

to AM. The Company's shareholding on completion of the AM admission was 24.8% of the saued capash of thor Mining PLC. The principal solivity is mineral exploration and development.

The shares held in Thor Mining PLC are subject to escrow for 12 months, expring June 2006.

Mr Ben is a cirector of Thor Mining PLC.

The Company has adopted the equity method of accounting to its investment in Thor Mining PLC in accordance with AASB 1016. The results of this company for the pencot have not been equity accounted as the amount is not materal in nature.

Batavia Mining Limited

The co

method was discontinued from 13 February 2004 in respect of the consolidated entity's interest in Batavia due to the inability of the consolidated enlity to exercise significant rifuence over the company. The principal activity is mineral exploration and development.

in June 2005 the Company participated in a provata rights asue undertaken by Balawa that resulted in the Company's shareholding increasing to 20.51%. As at 30 June 2005 two directors of Tennant Creek Gold Limited. Messes Eten and Bobite were on the board of Eestwa. As a consequence the Company adopted the equity method of appointing for its investment in appointer with AASB 1016 stables from 22 June 2005. The results of this company for the period have not been equity appointed as the emount is not materal in nature.

Summary financial position of associates

The consolidated entity's share of appropria assess and fabilities of associaties is as follows:

CONSOLIDATED

	2005.\$	2004 \$
Corrent assets	1.225.877
Non-current assets	1.354.334
Total assets	2.580,210
Content leaselies	24.178
Total kebishes	32.238
Next assets	2.547,972
Commitments Share of associates exploration expenditure commitments not provided for payables.	Security
Not later than one year	144.071

28. NOTES TO THE STATEMENTS OF CASH FLOWS

(a) Reconciliation of cash

$\bar{\rm Pl}$

outstanding

items in the statements of financial positions as follows:

newer had then non-hard has		CONSOLIDATED		THE COMPANY
	NOTE	2005 \$	2004.3	2005\$	2004 \$
Cash assets	8	1,550,702	1,712,693	1,308,636	1,592,869
(b) Reconciliation of profit/(loss) from ordinary activities after income tax to net cash provided by operating activities.
Profil/bossi from ordeany activities after income lax.			(464,063)	2.448.4	27,007
Adolfiessi dems classified as investing/Interioring activities: Loss on sale investments. Profil on sale of controlled entities.		261,182	(337,042)	342 OF	(682,042)
Loss on sale of non-current assets. Adolfessi non-cash tems:		11.644	618		618
Wate down a exploration costs to recoverable amount Depreciation/amortisation Diminution in value of investments Forego exchange loss		1,024,132 $-327,287$ 1,303,347 -8.891	152,764	37,828 .125.694	36.574
Provision for non-recovery of loan Share of associates not loss Exproration expenditure written off		54.274	115,997 131,847	20.171	1.145 50.000
Net cash used by operating activities before change in assets and hapides.		805.052)	(389,879)	912.194	(566,698)
Change in assets and tabilities adjusted for effects of sale of controlled. enliy during the financial year.
(increase) decrease in preparatats. (increase) datagets and leaders Decrease in provision for income tax		- (40,702) 219,489	(3,451) (150, 300)	(22, 147) 219,178	(1,451) (56, 702)
(Decrease)/notease in accounts payable Decrease in provisions.		(29, 163) (15,315)	74,296 8,822	(28,597) (15,315)	59,732 8,822
Net cash used in operating activities.		(670, 743)	(458,512)	{759,075}	(556,297)

(c) Non-cash linancing and investing activities

In July 2004 the Company issued 10.000,000 ordinary sheets at a deemed issue price of \$0.12 as consideration for the apquisition of all tha issued shares in Tennant Creek Gold (NT) Pty Ltd. In May 2005. Ihe Company sold all the shares hald in its wholly owned subsidiary. Sunsphere Pty Ltd, for 45.000,000 shares in Thor Mining Pto and cash of £250,000, with £125.000 \$293,772) received prior to 30 June 2005, and £125,000 received in Joly 2005.

29. EMPLOYEE BENEFITS

ZOTERIN LOTELE OLINEI I I G		CONSOLIDATED		THE COMPANY
	NOTE	2005.8	2004.8	$2009 - 9$
azoop oo phobara shekara ay katara ahaysay AngelyaA Carrent		and a support of the state of the A $\cdots$		1.1.1.1 The second fill $\cdots$
Frolovee benefits anosson i	-17	17.241	32.566	17.241	32.556

Equity-based plans

Employee share option plan

The Tennant Creek Gold Limited 2004 Employee and Consultant Option Scheme was approved by shareholders on 1 July 2004.

Each option sausd under the plan is convertible to one ordinary share. Under the nulles of the plan the exemple price of the options is as the directors determine, in their absolute decretors, provided that I anal not be less than that and curriculum to appal to 80% of the average weighted trading price of the Company's shares in the 5 days immediately preceding the day on which the directors resolve to ofter the options.

All options expire on the earlier of their expiry date or termination of the employee's relationship with the Company or a subsidiary, other than by reason of death, retrement or retrandment of that participant.

During the year 2.210.000 options were issued under the option scheme and 210,000 options lapsed

Summary of options over unissued ordinary shares granted in accordance with the Employee share option plan.

Consolidated and Company 2005

Grant dates	Expiry date	Exerciso price S	Number of options at the beginning of year.	Options granted	Ciptions lapsed	Octions OXEFCISEN	Number of options at end of year on issue
28 July 2004	31 May 2007	0.15		2.210.000	(210,000)		2,000,000
	.		. $\cdots$	2.210.000	(210,000)		2,000,000
Consolidated and Company 2004.
30 June 2000	30 June 2004.	0.19			$-0.3280,000$
11 October 2002	30 June 2004	0.14	1.180.000		(1,180,000)
	.		- 100 -		(4,460,000)		The component component

30. DIRECTOR AND EXECUTIVE DISCLOSURES

(a) Details of specified directors and specified executives

Specified Directors J.W.Bar (Cheanan) N Bioble (Managing Director) M Bowen 7 Smith (Appointed 1 July 2004)

Specified Executives

C Bath (Company Secretary) P Kastellorizos (Exploration Manager)

(b) Remuneration of directors and specified executives by the consolidated entity

Detaile of the Company's remuneration policies, employment contracts and remuneration paid to directors and specified executives are disclosed in the Directors Report at page 6.

(c) Equity instruments

All options refer to options over ordinary shares of Tennant Creek Gold Limited, which are exerceable on a one to one basis as approved by shareholders.

Options and rights over equity instruments granted as remuneration.

During the reporting period, the following options over ordinary shares were granted to directors and specified executives and approvad by enarahoidere

		Exercise	Mumbor of				Number of
	Allinining and and all all all all all all all all all al	ാവാത 5	options at the boutaning of year.	cranted.	exercised.	exercised	cottons at end. for year on issue.
28 July 2004		0.15	$\sim$ $\sim$ Contract $\cdots$ .	60.000	. . .
20 May 2005	3) May 2007	0.15	The contract contract to $\cdots$	(300,000)	Contractor The company of the company		The project 11 11
	.		The contract contract 1994 $\cdots$	14,200,000	The company's company's company's .		$\overline{\phantom{a}}$ $\cdots$

13,600,000 opfors were issued outside the Tennani Creek Gotd Limited 2004 Employee land Consultant Option Scheme to directors and executives and do not expire on the director or executive ceasing to be a or ofrector or employee.

Option heldiegs

$1, 2, 3, 4, 5, 6, 6, 6, 6, 6, 6, 6, 6, 6, 6, 6, 6, 6,$

The movement curing the reporting period in the number of options over ordinary sheres in Tennent Creek Gold Treid, directly artifactly or beneficialy, by each specified director and specified executive, including their personally-ratared enviros, is as follows:

	Held at 1 July 2004	Granted as remuneration	Exercised	Sales:	Held at :30 June 2005	Vested and exercisable at 30 June 2005
Specified Directors JW 8307 N Beatle M Bowen T Smith		3.000.000 5,000,000 2,000,000 2,000,000		(250.000)	in a construction of the 88 X ,750,000 2,000.000	3,000,000 5.000.000 1.750.000 2,000,000
Specified Executives C Balti P Kastellonzos		2,000,000 200,000			The County 200.000	2,000,000 200,000

No options held by specified directors or specified executives are vested but not exercisable

. . . . . . . . . . . . .

30. DIRECTOR AND EXECUTIVE DISCLOSURES (continued)

Equity heldings and transactions

The movement during the reporting pengol in the number of ordinary shares of Tennant Creek Gold held, directly, indirectly or beneficially, by each specified director and specified executive, including their parsonally-related entities is as follows:

	Held at 1.July 2004	Pluchases	Repleved on exercise of options.	Salas	Held at 30 June 2005
Specified Directors 以限稳的 Nexte M Bowen T Smith	.OH	3,700,000 220,000 1.855,016'		(3,400,000) 1208,0003	乳児上し出 6,263,37 793.747 1,647.016
20Viks2X. CBan		-666

1 Includes 908,946 hald on bacoming a Director

(d) Other transactions with the specified directors and specified executives

A number of specified

having control or significant influence over the financial or operating policies of those entities.

Anumber teamerations to

unrelated entities on an aim's length basis.

The aggregate were lotel revel

are as follows:

	Iransaction	Note	2005.8	2004.8
Specified Directors
JWBar	aesi grib.chd. $\cdots$ A 100	Ø.		72.930
	be costs reimbursed	0	(3.000) $\cdots$	(3,000)
智能(能)	"Consulting fees	įij	-54.500	141,250
	Comorate charters $\epsilon_{\rm c} \sim 2$	钩		1.650
	ce costs reimbursed Chair	Ŕ8		(3,000)
秘 Bowen		(W)		21,394
T Smah
Specified Executives	.		Provide a The Corp.
CRah	Purchases	986	2,965	1.693

(i) The Company used the management consuling services of Kansington Consuling Pty Ltd. a company of which Mr J W Barris a director. 86 The Ch

setembetedene cento-

(ii) The Company used the peological and management consulting services of Hatched Creek Pty Lto and Elooke Parmers Pty Ltd. companies of which Mr Neil Blocke is a director and related party respectively.

(iv) The d

administration coate.

(v) The Company used the sarvices of Hannan Strest Corporate Charlers, a coingany of which MrN Bickle is a director.

(vi) The Company used the legal services of Hardy Bowen Lawyers, a lagal tim of which Mr Michael Bowen is a partner.

(vi) The Company purchased beverages from B2 Corporation Pty Ltd trading as Coffeefresh, a company of which M-C Bath is a director.

Amounts were biked based on normal market rates for such services and were oue and payable under normal payment terms.

31. NON-DIRECTOR RELATED PARTIES

(a) Wholly owned group transactions

Details of interest in wholly owned controlled entities are set out in Note 26. Details of these dealings are set our below.

Loans toans

regard to the finances stability of the Company.

Transactions

Basinos with entries in the wholly-owned oroup Receivable - non current Provision for non-recovery

	CONSOLIDATED
机窝	- 2004 S
$-4.776,729$ (1.776, 729)	1.754.381 (1.754.381)
44
562,679	76.754

Payables -- non current

(b) Other related transactions

Loans The Contact repaid within the previous financial year.

Wessis Barr and Blocke were directors of Batava Mining Limited during the previous financial year.

Sæes

The Com costs during the year.

32. INTERESTS IN JOINT VENTURE OPERATIONS

				CONSOLIDATED.
Joint venture party man	www.septiventure Principal activities		Interest		Exploration expenditure
			-2005% -	-2004%		2004 \$
OMG Group Inc.	Cawse Extended I	Nexe/Cobat	20%	20%		1.335
Mines and Resources Australia Pty Ltd.	Kintore East [Subscribe Particularly A. A. A. A.	Goki	23.75% $\cdots$ .	23.75%	.
Knokvrie Resources Ptv Ltd.	McTavish	Qobi				1.262

Exploration expenditure represents direct expenditure incurred by the consolidated entity.

33. IMPACT OF ADOPTING AASB AUSTRALIAN EQUIVALENT TO IFRS

Tennant Creek Go (AGAAP) to Austral Junea Company's transitX first tuby AFRS complant financial report for the year ended 30 June 2006.

Set out below are the key areas where accounting policies are expected to change on adboton of AFRS and the Company's bast eptimate of the known or relativi estmated impact of the changes on rotal equity as at the date of hansformand 30 June 2005.

The ligures disclosed are management's best estimates of the quantitative impact of the changes as at the date of preparing the 30 June 2005. Greenwise record. The

the Company, (b) potential amendments to APRS's and Integratations thereof being sawed by the standard-setters and #740, and (c) emerging and accepting practice in the interpretation and application of AIFPS and UIG Interpretations.

Share Based Payments

Under AASB 2 "Share-based Payments", the Company will be required to determine the fair value of options doued to employees as remuneration at grant date and recognise an expense in the Statement of Financial Performance over the vesting period. This standard is not limited to options and also extends to other forms of equity-based remuneration. AASB 2 agplies to all share based payments issued after 7 November 2002 which have not vested as at 1 January 2005. A portion of the options were granted before 1 January 2005 (with mimediate vesting), therefore the Company has elected to apply the exemption under AASB 1 First Time Adoption of International Financial Reporting Standards not to expense these options. A total of 7,100,000 optime were leased subsequent to 1 January 2005. The value of these potons a \$370,620. As a result, there is an increase in employee benefits exponse and a decrease in relations estrings of \$370,620 for the Francis year endot 30,000 exposuring option exponse in the readers.

Income Taxes

Under the AASB 112 fincome 'Boest', the Company will be required to use a balance sheet liabley method, which toouses on the tax effects of togogedians an

secondas

expected that there will be any lurther meterial impact as a result of adoption of this standard, due to the Company's unufileed tax losses and the uncertainty over whether they will be realised in the future.

di konsti

The provision for deferred income fax arising as a result of the transfer from the asset revaluation reserve (see note below) is offset by the recognition of sufficient unufrised available lax losses and, accordingly, has been franzismed to related earnings on transition to AIFPS.

Exploration and Evaluation of Mineral Resources

AASR 6 (Exploration et

evaluation a

Industried". Under AASB 6. If tacks and circumstances suggest that the carrying amount of any recognised exploration and evaluation assets may the immeric

explasion and evaluation assets is to be assessed at a cash generating unit or group of cash generating units tevel provided this is no larger than per per

dafered explorati

deemed to have been granted. As a result of this analysis there is no impact from soboting AASB 6.

Impairment of Assets

Floriac AASB 13

This will meet in a chence in the group's current accounting policy which determines the recoverable amount of an asset on the basis of undscA

greater. The Company assessed the imparment traggins under AASB 136 and the facts and circumstances under AASB 6 relevant to the Company and the consolidated entity at transition date and 30 June 2005 and concluded that the assets have not been impaired.

33. IMPACT OF ADOPTING AASB AUSTRALIAN EQUIVALENT TO IFRS (continued)

Financial Instruments

AASB 130 'F

categories which in tim determines the accounting treatment for the flem. The classifications are:

$\bullet$ Fin.

• Financial Performance:
• . Phancial assats held to maturity which are to be measured at amortised costs:
• · Loars and receivables which are measured all amortised cost;
• . Available for sale linancial assets which are measured at lab value with tair value changes taken to equity:
• · Non-trading financial listrifies which are measured at amortised cost.

The Company has decided to sooy the exemption ovoided in AASB 1 "First Time Adoption of Australian Equivalents to International Financial Reporting Sth

Reed AAn

impaction the consolidated entity of the Company's linences statements at transformation and for the year ended 30 June 2005.

Asset Revaluation Reserve

In accordance with AASB 112 an amount of \$398,082, being the income tax effect arising as a result of the difference between carrying value and income tax cost base, will, on transition to AIFRS be transferred from the asset revaulation reserve to provision for deferred income fax.

In accor

reclassified the remaining balance of the asset revaluation reserve to retained earnings in its opening Australian equivalents to IFRS balance sheet. Any luture impairment in the value of assets carred at deemed cost will be charged to the profit and loss account.

CONSOLIDATED THE COMPANY

Reconciliation of equity as presented under AGAAP to that under AIFRS.

		2005 \$ 2005 \$
Total equity proter AGAAP Adjustments to related earnings Adjustment to asset revaluation reserve	$\sim 8.158.273$ $\pm$ 4.853.656 $\pm$ (4,653,656)	4.476.936 70.000 70.000
Total equally proter AFTRS	8.158.273	4.476.936
This represents the cumulative advisorients as at the date of longitud on AFRS as at 20 June 2005.

Reconciliation of retained earnings under AGAAP to that uner AIFRS.

	CONSOLIDATED.	- THE COMPANY
	2005 \$ 2005 \$
Accumulated losses as reported under AGAAP	$^{+0.076,7771}$	(2.174,458)
Share based paymenty expense	$\frac{1}{2}$ (370,620)	1370.620
Transfer from asset revasation resorve-	$\lesssim$ 4,255,574 $\lesssim$	70.000
Flecognition of deferred tax asset	398,082
Retained profits/faccumutated insteed crops: AFRS-	1.206.259	2.475.0789

34. EVENTS SUBSEQUENT TO BALANCE DATE

The Concery has executed an agreement to selike interests in a number of non-oper terremaks located in the Northern Territory to Hed Rock Resources Pc (Red Rook). Red Rock is admitted to trading on the AM market. Consideration for the sale is 19 million ordinary fully paid shares in Red Rock, which are freely tradeable subject to an orderly marketing agreemment.

Directors' Declaration

• 1 In accordance with a resolution of the Directors of Tenneral Creek Goo Limited Listate that:
• (a) the financial statements and notes, including the remuneration disclosures that are contained on pages 6 to 7 of the Director's Report of the Company and of the consolidated entity, are in accordance with the Corporations Act 2001, including:
• il) giving a true end fair view of the Company's end consolidated emity's linencet position as at 30 June 2006 and of their performance, for the year ended on that date: and
• (ii) comply& Corporations Pegulations 2001; and

$\langle \hat{C} \rangle$

2 There are reason or table

enthies pursuant to ASIC Class Order 98/1418

3 This declaration ( officer in accordance with section 205A of the Corporations Act 2001 for the financial year ended S0 June 2005.

On behalf of the board

k er

John W Barr Chairman Dated at Perth, 29 September 2006

Independent Audit Report

INDEPENDENT AUDIT BEPORT TO MEMBERS OF TENNANT CREEK GOLD LIMITED

Scone

The financial report and directors' responsibility

The linencies rantom t

Oversion as

("remuneration disclosures") and the directors' declaration for both 'fennant Creek Gold Linned (the "Company") and the directors' declaration for both Tennant Creek Gold Limited (the "Company") and the Consolidated Entity, for the year ended 30 June 2005. The Consolidated Entity comprises both the Company and the entities if controlled during that year.

The rirectors of Corpor

dasigned to prevent end detect tread end error, and for the ecocurring policies and accounting estimates inherent in the tinancial report.

Audit approach

We conducted an independent audil in order to express an opinion to the members of the Company. Our audil was conducted in accordance will

esi roshiano rof service eti control, and the so Possua Provincia destantant

We performed procedures to assess whether in all material respects the financial report presents tainy, in accordance with the Corporations Act 2001, Australian Accounting Standards and other mandalory financial reporting requirements in Australia, a view which is consistent with our understander the Company's and the Consolidated Enlity's linancial position, and of their performance as represented by the results of their a

Peoplesions 2001.

We formed our audit opinion on the basic of these procedures, which included:

• · examining, on a fest base, information to provide exitence supporting the amounts and declosures in the tinancial report, and
• · assessing inade by the directors.

While we considered the effectiveness of management's internal controls over tinancial reporting when determining the nature and extent of but procedures, cur audit was not designed to provide assurance on internal controls.

Independence

${c_1,c_2}$ Corporations Act 2001.

Audit coinées

hou Gold Limited is in econolarios with:

a) the Corporations Act 2001, including:

(i) giving a true and fair view of the Company's and Consolidated Entity's linencial position as at 30 June 2006 and of their performance for the financial year ended on that date; and

(a) complying Corporations Regulations 2001; and

b) other mandatory professional reporting requirements in Australia.

K PM.

KPMG.

Milland

Pactiser Perth 30 September 2005

:
- A Partis, ma darminism cinescumenta a a a contantan
- A Thank's internationals, is leavent too achievements

enrient Creek

ASX ADDITIONAL INFORMATION

Additional information required by the Australian Stock Exchange Limited Listing Rules and not disclosed elsewhere in this report is set out below.

Shareholdings (as at 13 September 2006)

Substantial shareholders

Substantial holders in the Company are set out below:

Sharehoider	Number	Percentage
Wesnight Custodian Nominges Limited	13.500.000	-18.27
. DN Rom	-9.COMXX	30.ST
Neil Bickde & Bickde Partners	B. 163.372	-7.20

Class of shares and voting rights

(a) at meetings of members or classes of members each member entitled to vote may vote in person or by proxy or attorney; and

(b) on a show of hands every parson present who is a mamber has one vote, and on a pot all every parson present in parson or by proxy or altomay has one vote for each ordinary share held.

On-market buy-back

There is no current on-market buy-back

Distribution of equity securities

Category	Ordinary Shares
1-1.000	46
1.001-5.000	164
5.001-10.000	130
-10.001 + 100.000	263
-103.001 and own	74
	663

The number of shereholders holding less than a marketable parcel is 70.

Twenty largest shareholders

Name	Number of shares held	Percentage of shares held
ANZ Nominees Limited Cash Income A/C	16.066.449	18.77
Westpan Custodian Nominees Eimited	13,500,000	16.77
Kensnoton Consuling Fly Lld	5,500,000	6.42
Bodie Partners Ptv Ltd	5.379.372	6.28
Ashina Draing Services Pty Ltd	2,500,000	2.92
Raneta Ply Llif	2.500,000	2.92
Mr Alstar Mackie	2,500,000	2.92
Mr Teny Lills	2,444,000	2.85
Cavenoish Corporaisne Lid	2,000,000	2.34
Mr Gary Alan Soow.	1.425,000	1.66
Meaa-Min Resources Nt.	1,300,000	1.52
Soan Py Ud	1,250,000	1.46
Khanba Piy Lia	1,100,000	1.28
Farbar Nominaes Ptv Ud	1.000,000	1.17
Webased Phy Littl	989,000	1.16
Vecnov Pty 136	832,000	0.97
Sonsmith Ply Liti	800,000	0.93
Bouch Ptv Ltd	750,002	0.88
Mr Tereron Abel Smith	700,000	0.82 1
Duskiem Piv Lid	500,000	0.58 5
	63,035,823	73.62

ASX ADDITIONAL INFORMATION (continued)

The consolds and entity house an interest in the following tenaments at 30 June 2005.

Prespect	ิ โดกernents	Equity
Alice Springs	9.23630	100%
Blavy's Silver-Lead	8.10228	100%
Borrey Vest	MLC647	100%
Burney Welfbesed Ex	ELA24129, ELA24130, ELA24131	8%
Bromê kon Ore Prospect	FLA24613	100%
Cawse Extended	M24/547, M24/548, M24/549, M24/550	20% fee carred to production, or can be converted to a 2% net smuller rebutt on ordinated. Unicom Pillis now exceed and a wet torme royally applies.
Ossa Magnesie Engost	H.A24414	100%
Omker Island Bauxille Project	H.A24640	100%
Daiy Peer Road	ELA24391	100%
Daoine Soath	E26/64 PLA26/2899-2001 M26/782	100% under option for sele 100% urster option for sale
Explorer	FLA24471	100%
Pos	8.22988	100%
Georgent's Copper Prespact	ELA24260	100%
Goden Mile Prospect	M.0825	100%
Hayes Creek South kon-Mangariese Project	ELA24432	100%
	MLC624, MLC632, MCC1067	100%
Hopelul Star Anomaly Kintore East	M16/281, M16/282	Oluting from 49% to 2% gots
		return nierest on procuction. Current percentage interest is 23.75%.
M18 Au Cu-Si Aromay	MCC1035, MCC1036, MCC1042, MCC1351	100%
M19 Au-Cu-Bi Aromay	MOOT 112, MOOT 113, MOOT 117, MOOT 118, MOOT 119, MOOT 120	100%
M20 Au-Cu-Si Aromay	MOC1040, MOC1041	100%
M29 Au Cu-Si Aromay	MCC1092, MCC1093, MCC1094, MCC1095	100%
Mareka kon Ore Prosoect	f(JA24614	100%
McTarch	M40/77, M40/319, M40/157, M40/194, P40/1001, P40/1002	3% gross royalty (third party retains a 25% interest in Terricant Creek Goad's interesti
Mewie Heso Sauda Projact	ELA24628	100%
M Peake	8.23271, 8.23074	100%
Mystery Anomaly	MOCTOB9, MCCTOB0, MCCTO91	100%
Peterrars	ELA5826, ELA5827, ELA5828, ELA10301	100%
Hodroa	8.23678	100%
Sandy Creek	ELA24393, ELA24395, A24518	100%
Spring Hill	FL22957, MLA23812	100%
Winske Crea	ELA23123	100%
Wooten	R. 23568, R. 23569, M. A24342	100%

THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

Level 3, 30 Richardson Street
West Perth WA 6005

PO Box 1176 West Perth WA 6872

T. $+61.89327.0900$

F. +61 8 9327 0901

E. corporate@tennantcreekgold.com.au
W. www.tennentcreekgold.com.au