TIVAN LIMITED — Annual Report 2006

Oct 29, 2006

Tennant Creek Gold LIMITED

CORPORATE DIRECTORY

DIRECTORS

John W Barr (Chairman) Neil G Biddle (Managing Director) Michael P Bowen (Non-Executive Director) Terence N Smith (Non-Executive Director)

COMPANY SECRETARY

Damion P Delaney

REGISTERED OFFICE

Level 1, 282 Rokeby Road Subiaco Western Australia 6008

PO Box 1126 Subiaco Western Australia 6904

Telephone: (08) 9327 0900 Facsimile: (08) 9327 0901 Websitet www.tennantcreekgold.com.au

SHARE REGISTRY

Computershore Investor Services Pty Eimited level 2 45 St George's Terrace Perth Western Australia 6000

Telephone: (08) 9323 2000 Facsimile: (08) 9323 2033

AUDITORS

KPMG

HOME STOCK EXCHANGE

Australian Stock Exchange Code: TNG

INTERNATIONAL STOCK EXCHANGE

Frankfurt Stock Exchange Code: HII

CONTENTS

Review of Operations
Corporate Governance Statement
Directors' Report………………………………………………………………………………………………
reference Statements
Balance Sheets	.25
Statements of Cash Flows	. 26
Statements of Changes in Equity
. Notes to the Financial Statements
Directors' Declaration
ا. Independent Audit Report
ASX Additional Information

Annual Report 2006

$\mathbb{R}$

OVERVIEW

The 2005/06 financial year represented another year of strong corporate and exploration activity for lenant Creek Gold

The Company continues to have a strong balance sheet, a quality asset base and a particlic of lovestments in active listed explanation and development companies.

The following important milestones were achieved dunna me vear

• $\bullet$ Exploration expenditure in excess of $1700,000$ was spent
• RAB Special Situations (Master) Fund Limited exercised options resulting in a capital raising. of \$780,000 and that fund increasing its ancretoiding to 19.5%.
• A well received option issue was made to shareholders resulting in a capital raising of over da walion
• . The Manbarrum project titles were granted and the AAPA issued a Clearance Cerificate. An amended Clearance certificate was issued in August this year. and drilling commenced in September,
• The royalty from mining at the Cawse Extended [10] Nickel Protect continued.
• The Company increased its shareholding in Batavia Mining Lid which is progressing the Gullewa Gold Copper Project,
• The Company maintained its shareholding in Thor Mining PLC which is progressing the Molyhill lungsten Molybdenun Project. That has recently acquired a particlic of Uranium tenements, in the Nothern lettitaty of Australia
• The sale of several assets were announced including:
• . The Red Rock Shareholding
• The Duplex Hill Tenements
• The Spring Hill Tenements conditional

The Company remains well placed to facus on the exploration of its portfolio of projects in Australia. In the 2006/07 year explaration will be particularly. focused at the Monbarrum Protect.

The Company continues to take a positive view. on the outlook for commodity markets, underpinned. by continuing strong levels of demand from evolving economies.

The Board endeavours to be accessible to all shareholders and stakeholders and encourages interested parties to contact the Company directly or via our website at www.tennantcreekaald.com.au. Shareholders and investors are invited to register on. the website to receive regular news via email.

PROJECTS

Manbarrum Lead Zinc-Silver Project

The Manbarrum project is the flagstip exploration project of the Company. The formal grant of title over the Project in 2005 represented a key milestone. together with the issue of the Clearance Certificate by AAPA, and the amended certificate in August 2006.

As a result of these milestones being achieved and atter waiting for the extended well season to abate. and cultural issues to pass, explaration commenced,

Managmum is located XV kilometres northeast of Kununuxa in the Northern Teiritary. The granted tenements consist of an Exploration Licence and an Authority to Praspect under Section 178 covering a combined area of over 200 square kilometres. An additional Exploration Licence has been applied. for and completes coverage of the Bonaparte Shelf. Margin where numerous gravity anomalies have identified stratigraphic and structural targets within the prospective Buit Range Formation.

Tennant Creek Gold LIMITED

PROJECTS (Continued)

Geology and Mineralisation

The Manbarrum Project is located on the eastern margin of the Bonaparte Gulf Basin where Devonion-Carboniferous marine sediments unconformably overlie faulted Proterozoic basement. Three Palaeozoic units are recognised in the area. Devonian Cockatoo Group, Lower Carboniterous Burt Range Formation and Millouns formation.

Milligans Formation black shales and silistones locally cap the dolomitised Burt Range Formation carbonates and in conjunction with north-south trending syn-depositional growth toults provide a prospective setting for Mississippi Valley Type IMVT) base metal sulphide deposits.

.
Buit Range Formation dolomites reflect a regressive sedimentary cycle that became progressively mate arenaceous. Two Members are recognised locally: Clb2 the younger dolomite and aranaceous dolomite and, Cibil the older sity docume.

The younger Clb2 Member is the better hast to mineralisation as it is more subject to brittle failure and associated vuggy porosity, and is closer to the impervious Milligans Formation caprock

Backaround

The Manbarrum Project area was previously explored by major mining companies. Aquitaine (1972-82), BHP Billiton St (ce then BHP Triako (1982-93) and BHP Triako Delta Gold (1994-98).

Aquitaine carried out a substantial exploration program during the 1970s after the early discovery of significant Pb Zn Ag mineralisation at Sandy Creek. Because of the comparative ease of locating mineralisation at Sandy Creek, there was a lack of systematic grossroots geochemical and geophysical exploration elsewhere particularly in the extensive areas of sandy sail cover surrounding the very Inited outcrop

While a considerable amount of reconnaissance drilling was completed much of it was planned with inadequate geological control and a high percentage of the holes were drilled in unprospective footwall rocks or were not deep enough to reach the prospective mineralised target zone.

There has been no major exploration conducted since Aquitaine, however valuable additions to the regional grass roots data were made by BHP St Joe 1982-84 and Delta Gold 1994-98.

Logistics

The Manbarrum Project is located Z0km northeast of Kununutra via a regularly maintained road and in a logistically favourable area.

The Project is only 11 Okm from the Part of VVyndham by the shortest road haul distance and 180km from Wyndham by the principal roads in the area.

The Weaber gas field is located 8km from the Sandy Creek mineralisation and is a patential source of cheap mine power

PROJECTS (Continued)

lond Access

The Project lies within the Legune Station Pastoral Lease and within a regional Registered Native Title Claim by the Minuwung and Gaterrong peoples.

Land Access in the Northern Territory is constrained. by the requirements of the Aboriginal Heritage Act whereby a current Clearance Certificate must be abtained prior to commencement of exploration. A Clearance Certificate was issued to TNG by the Aboriginal Areas Protection Authority (AAPA) in February 2006. The Certificate conditions allowed access to the entire project area for the initial
exploration program but curtailed drilling activities in broad areas around the hills.

Field work since early June has continned all exploration targets lie beneath the pervasive sandy. sail cover and are well clear of the fills which accupy only a limited area. Consultation with the Traditional Owners has further confirmed the soil covered areas of the Project have no special cultural or heritage significance.

The Traditional Owners of Manbarrum have unanimously supported exploration proposals by TNG and jointy with TNG requested AAPA to amend the conditions of the Clearance Certificate to provide a less restrictive protective zone around the hills. This process was finalised in August with issue of the amended certificate.

Tennant Creek Magnetite Gold Copper Bismuth Projects

TNG has an interest in several granted mining and exploration tenements in the immediate victoity of the fown of Tennant Creek These tenements contain first order Tennant Creek style magnetic tronstone targets with the potential to host gold, and gold copperbismuth deposits.

An often for these tenements is currently with the manuscript under consideration. The manufacturer

Explorer, Rover and McClaren Creek Gold-Copper-Bismuth Prospects

TNG has an interest in a granted exploration licence
50km south of the Tennant Creek Township in Central
Australia The exploration licence covers an area of in excess of 1,354 square kilometres and contains. 38 first order Tennant Creek style magnetic transforme targets with the patential to hast gold, and goldcopperbiamulti deposits

Prospects are hosted within the Warramunga Formation and have the same magnetic trend and meantude as some of the world class gold and goldcopperbismuth deposits in the Tennant Creek Intier.

During the quarter the Desertex IV was terminated and 3 exploration licence applications named Rover and McClaren Creek East and West were returned to TNG. These tenements adjoin the Explorer tenement.

TNG will seek to expedite the grant of the Desertex. tenements which together with Explorer will form. a large acreage exploration project in a highlyprospective and under explared area.

Melville Island

This exploration application covers $\pm 445$ sq km of the northern part of Melville Island, 125km north of Darwin. There is bauxitic laterite development over leritary Van Diemen sandstone within the application area. The tenement currently is subject to moratorum by the Tiwi Land Council

Croker Island

This application covers some 2.20 sq km of the nothern part of Croker Island located 240 km northeast of Darwin, Bauxitic laterite development over Cretaceous Bathurst Island Formation sediments has occured in the application area.

PROJECTS (Continued)

Spring Hill

Spring Hill is located approximately 200 kilometies south of Darwin in the historic Pine Creek gold field in the Nothern Tentory. The area includes a JORC compliant indicated Resource of 3.6 million tarnes at 2.34 g/s. Au for 274,000 ourices of contained gold

In April TNO sold the Spring Hill tenements to Pan Resources Ltd for \$2,850,000. This sale is conditional upon Pan Resources Ud gaining admission to the london Stock Exchange before 31 December 2006. The consideration is for \$600,000 in cash and the balance in shares in Pan Resources Isd upon listing. The sale has not been recognised at www.

30 lune 2006

Mount Peake

Mount Peake is located in the Atunta Province 80 kilometres north east of Alice Springs.

Ariborne magnetic surveys have indicated possible ultramatic intrusion hosted nickel targets.

Tanam Fast

Tanami East, also known as Goddard's Prospect, hosts significant malachite mineralisation outcropping over a strike length of 1,200 metres. Numerous values over 1% Cu and 100 ppb Au were abtained from rock chip samples carried out during the 1970s and the greats considered to have exploration potential for coppergoid deposits

Other Northern Territory Tenements

TNG holds several other prospects in the Northern Territory. These prospects are in various stages of exploration and have not been specifically mentioned as only minor work was completed during the year.

Western Australia - Nickel production at Cowse Extended

The OM Group Inc. (OMG) owns and manages the Cawse Nickel Cobalt Operation with OMG and TNG
jointly owning the adjacent Cawse Extended Project - TNG's interest in the Cawse Extended Project is 20% .
Tree carried to production, conventale at TNG's election to a 2% net smelter return.

TNG has also entered into a separate agreement with CMG for a wet tonne royalty payment, which replaces
the current agreement only for ore mined from the Unicorn Pit and transported to the Cawse ROM pad. The Agreement has been structured to allow for variations in the nickel price and the AUD/USD exchange rate such that the wet tonne payment is variable within the range AU\$0,50/wt and AU\$0,90/wt.

Mining at Unicorn commenced in 2003 and, to date, total royally income at \$555,915 has been received. TNG has been advised by OMG that mining at the Unicare Pit will continue until May 2007 with a progressive reduction in tonnes mined.

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

B)

PROJECTS (Continued)

Other Western Australian Tenements

TNG holds an interest in two other tenement groups. however, in each case, the Company does not contribute towards exploration expenditure as the projects are subject to joint venture or options for sale. These projects include Kiniore East and McTavish.

On 14 May 2006 the Duplex Hill tenements, which were subject to an option were seld for \$80,000.

CORPORATE & INVESTMENT ACTIVITIES

TNG holds investments in Thor Mining PIC (THR listed on the AIM market of the London Stock Exchange and recently completing a dual listing on the ASA via a \$10.0 million IPO) and Batavia. Mining Limited (BTV - listed on the ASX). TNG continues to focus on these two investments.

Batavia Mining Limited (ASX code "BTV")

TNG holds approximately 81 million shares in Batavia representing approximately 1.4% of the issued capital. The value of this investment or year end is approximately \$4 million.

Batavia has recently completed a major intill and extensional drill program at its 100% owned Deflector Gold Copper project A resource upgrade has recently been announced and the Bankable Feasibility Study is expected to be completed during the December Quarter

The Batavia web page is www.balaviamining.com.au.

Thor Mining PLC (ASX code "THR")

TNG holds 1.5 million shares in Thor, representing approximately 11.5% of the issued capital. The value of this investment at year end was approximately. 120 milion

That is currently completing a Definitive Feasibility Study in respect to the Moyhil Tungsten-Molybdenum Project, it recently announced the acquisition of several groups of tenements prospective for uranium, together with an underwritten \$10m issue, and a listing on the ASX

The Thor website is www.thormining.com

Red Rock Resources Plc (AIM code "RRR")

In order to enable the Company to focus on its key projects, a decision was made to sell certain tenements, and in September 2005 a transaction. was concluded with Red Rock Resources PLC for several tenements prospective for tron ore. Consideration for the sale was 19 million crainary. fully paid shares in Red Rock

These shares were subsequently sold for \$670,000.

Tennant Creek Gold LIMITED

CORPORATE GOVERNANCE

INTRODUCTION

Tennant Creek Gold Limited ("Company") has adopted a philosophy which is a commitment to the highest standards of Corporate Governance. The Company is committed to the pursuit of achieving the best value for their shareholders through their efforts in exploration and exploitation of the Company's tenement assets. Detailed information of the Company's corporate governance practices is set out on the Company's website at www.terinantcreekgold.com.au.¹

CORPORATE GOVERNANCE DISCLOSURE

The Code on Corporate Governance requires that every public company disclose its compliance with each principle of the Code. During the financial year 2005/06 ("Reporting Period") the Company has complied with each of the Ten Essential Corporate Governance Principles and Best Practice Recommendations as published by the ASX Corporate Governance Council, other than in relation to the matters specified below.

Recommendation 2.1, 2.2

2.1 Majority of the Board should be Independent Directors.

Wr Terence N Smith has been oppointed as an independent director. The Board considers that its structure has been, and continues to be, appropriate in the context of the Company's history. The Company considers that each of the non-independent directors possess skills and experience suitable for building the Company. The Board intends to reconsider its composition as the Company's operations evolve, and appoint further independent directors as oppropriate.

2.2 The Chairman should be an Independent Director

Mr John W Barr is the Chairman and is considered an executive of the board. The board considers that the expertise and dedication of Mr. John W Barr gives constructiveness and organisation to the board and its functions.

Recommendation 2.4

A separate Nomination Committee has not been formed.

The role of the Nomination Committee is carried out by the full Board. The Board considers that given its size, no efficiencies or other benefits would be gained by estoblishing a separate Nomination Committee.

Recommendation 4.3

The Audit Committee does not consist of all non-executive directors

The role of the Audit Committee is carried out by Mr John W.Barr, Mr Michael P Bowen, Mr Terence N Smith, and Mr Damian P Delaney of which only two members are non-executive directors. The Board considers that given the financial expertise of the members that the Company is well serviced by their expertise.

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE DISCLOSURE (CONTINUED)

Recommendation 8.1

Non-disclosure of the process of evaluating the board

The process for evaluation of the Board, individual directors and key executives was not disclosed. However, an evaluation of the Board, directors and key executives does occur on an ongoing bosis by the Board as a whole.

Recommendation 9.2

There was no separate Remuneration Committee

The full Board carried out the functions of the Remuneration Committee. All matters of remuneration were determined by the Board in occordance with Corporations Act reasirements, especially in respect of related party transactions. That is, no directors participated in any deliberation regarding their own remuneration or related issues.

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 Terence N Smith is independent in accordance with the criteria set out in Box 2.1 of the ASX Principles. and Recommendations.

Statement concerning availability of independent professional advice

Subject to the opproval of the chairman, an individual director may engage an outside adviser at the expense of Tennant Creek Gold Limited for the purposes of seeking independent advice in appropriate circumstances.

Names of nomination committee members and their attendance at committee meetings

The full Board carries out the functions of the Nomination Committee. The Board did not convene formally as the Nomination Committee during the Reporting Period, but rather, discussed relevant issues on on as-required basis.

Names and qualifications of audit committee members

The full Board performs the functions of the Audit Committee. Mr John W Barr, Mr Michael P Bowen, Mr Terence N Smith and Mr Damian P Delaney are financially literate. Mr Barr, Mr Bowen, Mr Terence N.Smith and Mr Damion P.Deloney possess financial expertise by virtue of their academic qualifications.

CORPORATE GOVERNANCE

CORPORATE GOVERNANCE DISCLOSURE (CONTINUED)

Number of audit committee meetings and names of attendees

During the Reporting Period Mr Damian P.Deloney met with the external auditors in respect of the holf year. and full year financial reports.

During the Reporting Period an evaluation of the Board was conducted as an informal review during regular meetings of the Board. The executive directors were reviewed on an individual basis by the Choirmon.

Company's remuneration policies

All of the directors received a seporate directors' fee of \$30,000 per annum, plus statutory superannuation.

In addition:

• Kensington Consulting Pty Ltd of which Mr John W Barr is a director, receives a consulting fee for Mr Barr's services:
• . Hatched Creek Pty Ltd of which Mr Neil G Biddle is a director, receives consulting fees for Mr Biddle's services; and
• Hardy Bowen, of which Mr M Bowen is a partner, receives legal fees for services provided to Tennont Creek Gold Limited

There is no direct link between remuneration paid to any of the directors and corporate performance such as bonus poyments for achievements of key performance indicators.

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

Names of remuneration committee members and their attendance at committee meetings

The full Board carried out the function of the Remuneration Committee. During the Reporting Period, the Board did not convene formally as the Remuneration Committee, but rather, dealt with remuneration-related issues on an as-required basis during regular meetings of the Boord.

Jinesyi ke tu

u tu b

Existence and terms of any schemes for retirement benefits for non-executive directors

There are no retirement benefits for con-executive directors.

$1¹$

DIRECTORS' REPORT

The Directors present their report together with the financial report of Tennant Creek Gold Limited ("the Company") and of the consolidated entity, being the Compony and its controlled entities, for the year ended 30 june 2006 and the auditor's report thereon.

DIRECTORS

The Directors of the Company at any time during or since the end of the financial vear are:

John W Barr CA, FAICD Chairman

Mr John W Barr was appointed in December1998. He is a Chartered Accountant and Fellow of the Australian Institute of Company Directors. He has extensive Australian and international experience with exposure to manufacturing, mining and mineral exploration and development in respect to several commodities including gold, platinum, nickel and copper.

Mr Barr has managed his own consultancy business since 1987 which specialises in the management of public companies including advice on capital raisings, mergers and acquisitions, negotiating onshore and offshore acquisitions and joint ventures, negotiating commodity based funding, and compliance with corporate and stock exchange requirements.

During the last three years Mr Barr has served as a director of the following listed companies:

• Batavia Mining Eimited, appointed June 2003 ceasing July 2005; and
• . Thor Mining PLC oppointed April 2005.

Neil G Biddle B.App.Sc(Geology), M.Aus.IMM Managing Director

Mr Neil G Biddle was appointed in December 1998. He is a geologist and company director with over 17 years professional and management experience in listed public companies involved in mining and exploration and was formerly managing director of Border Gold Ltd (1995-1999) and Consolidated Victorion Mines NL (1991-1995).

During the last three years Mr Biddle has served as a director of Batavia Mining Limited since April 2005. Previously a director of Batavia Mining Limited from June 2003 to February 2004.

Michael P Bowen B.Juris, LLB, BCom Non-Executive director

Mr Michael P Bowen was appointed in January. 2004. He graduated from the University of Western Australia with Bachelors of Law, Jurisprudence and Commerce. He has been admitted as barrister and solicitor of the Supreme Court of Western Australia and is an Associate and Certified Practising. Accountant of the Australian Society of Accountants.

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

During the last three years Mr Bowen has served as a director of the following listed companies:

• IMF (Australia) Ltd since August 2001;
• Medical Corporation Australosia Limited since October 2004:
• Brandrill Limited, appointed Morch 2001 ceasing October 2003;
• $\bullet$ Vietnom Industrial Investments Limited since October 2004

Tennant Creek Gold LIMITED

$\mathbb{1}$ $\mathbb{1}$

DIRECTORS' REPORT

DIRECTORS (Continued)

Terence N Smith Dip.Bus Independent Non-Executive Director

Wr Terence N Smith was appointed in July 2004. He is one of the founding partners of the Smith Coffey Group which has provided taxation, accounting and financial advice to clients in Perth for 34 years. He has a wide ronge of business skills in the areas of financial planning and corporate management. Wr Terence N Smith holds a number of directorships in a number of companies in the wine industry.

Mr Terence N Smith also serves on the board of Botavia Mining Limited, an ASX listed company; appointed 30 September 2005.

Damian P Delaney CA (SA)
Chief Financial Officer and Company Secretary

Mr Domian Delaney is a Chartered Accountant with mony years experience working with international listed companies.

Mr Delaney commenced his career in South Africa, before taking up a series of positions in the United Kingdom. He has held a number of senior CFO and Finance Director positions in the UK.

Mr Delaney manages all aspects of the Company's financial, ASX reporting, regulatory and IT operations. He is also CFO and Company Secretary for Batavia Mining Limited and Thor Mining PLC.

DIRECTORS MEETINGS

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

Number of meetings held during Director Phonos of meetings attended
John W Borr
Neil G Biddle i
Michael P Bowen
Terence N Smith

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 interest in the Cawse Extended Project and the management of its investments in Botavia. Mining Limited and Thor Mining PLC.

There were no other significant changes in the nature of the activities of the consolidated entity during the year.

REVIEW AND RESULTS OF OPERATIONS

The operating loss of the consolidated entity after income fax for the year was \$229,085 (2005: \$3,756,427).

A review of the operations during the financial year is set out on pages 2 to 6.

DIVIDENDS

No dividends were poid during the year and the directors do not recommend payment of a dividend.

STATE OF AFFAIRS

There were no significant changes in the state of affairs of the consolidated entity during the financial year or to the date of this report.

REMUNERATION REPORT

1. Principles of Remuneration

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

Key management personnel have authority and responsibility for planning and controlling the activities of the Company and the consolidated entity, including directors of the Company and other Executives. Key management personnel includes the five most highly remunerated s300A directors and executives for the Company and the consolidated entity.

Remuneration Policy - audited

The remuneration policy is to provide a fixed remuneration component and a specific equity related component. The board believes that this remuneration policy is appropriate given the stage of development of the Company and the octivities which it undertakes 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 after seeking professional advice and faking into account market conditions and comparable solary levels for companies of a similar size and operating in simitar sectors.

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

Directors and executives receive either a saloryplus superannuation quarantee contributions as required by law, currently set at 9%, or provide their services via a consultancy arrongement. Directors and executives do not receive any retirement benefits. Individuals may, however, choose to sacrifice part of their salary to increase payments fowards superannuation.

All remuneration paid to directors and executives is valued at cost to the Company and expensed. Options are valued using the Block-Scholes methodology.

The board policy is to remunerate non-executive directors at morket rates for comparable companies for time, commitment and responsibilities. The boardperforming the role of the remuneration committee. determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. The maximum agaregate amount of fees that can be paid to directors is subject to approval by shareholders at a General Meeting. Fees for nonexecutive directors are not linked to the performance. of the economic entity. However, to align directors' interests with shareholder interests, the directors are encouraged to hold shares in the Company and may receive options.

REMUNERATION REPORT (Continued)

2. Directors and Executives officers remuneration (Company and Consolidated) - audited

Details of the nature and omount of each major element of remuneration of each director of the Company and relevant group executives who receive the highest remuneration and other key management personnel are:

Directors Remuneration for the year ended 30 June 2006

Context and a communication of the context of the context of the context of the context of the context of the
$\zeta$ onscårded mmammammamm		Salary l& hoos	$O_{\mathcal{B}(\mathcal{O})}$	ារបទ៖	anare based Payment Options!!!	ೊಡ	Value of colleris as a proportion of renuncration %
Directors
John W Borr	2006	113,000		2.700	ä,	115.700
Chairman	2005	83.400		2.700	130.500	216.000	60%
Neil G Biddle	2006	132.820		2.700	٠	135,520.
Managing Director	2005	184.500		2,700		187.200
Michael P Bowen.	2006	111,602			٠	111.602
Norrexecutive	2005	73,072			78,300	151,372	52%
Terence N Smith	2006	30.000		2.700	٠	32.700
Norrexecutive	2005	30.000	$\cdot$	2.700	78.300	111.000	71%
Total	2006	387.422		8.100	٠	395.522
	2005	370.972		8.100	287.100	666.172

JI DE TENTO E LOCALITA E LOCALITA E LOCALITA E LOCALITA E LOCALITA E LOCALITA E LOCALITA E LOCALITA E LOCALITA

3

Q

8

i de se se se

¹ Options have been volued at \$0.0522 per option using the Black-Scholes colculation for the May 2005 issue.

REMUNERATION REPORT (Continued)

1. Directors and Executives officers remuneration (Company and Consolidated) - audited (continued)

Remuneration of the 3 named executives who received the highest remuneration for the year ended 30 June 2006

Company and International Company of The Company of Term (2008) Consolidated The Short Term Employment Long Term (2008)
		Solary & reas	Other	buper	Share-based Shore-based Payment Options	Provincial $O$ phons	Toral	Value of cations as a proportion of requirements
Executives
Damian P Delaney	2006	26.766		2.409		47,133	76.308	62%
CFO and Company Secretary	2005
Chris Bath	2006	20.490	5.307*	1.844			27.641	19%
Company Secretary 2	2005	40.265	15.485*	3.624	83,520		165.690	74%
Pedro Kastellorizos	2006	22,920		2.063			24.983
Exploration Director 3	2005	70.937		3,344			85.479	13%
Total	2006	70.176	5.307	6.316		47333	128.932
	2005	11.202	15.485	6.768	83.520		251.169

Appointed Company Secretary 2 November 2005

³ Resigned 30 September 2005

³ Resigned 3 January 2006

⁴ Options have been valued at \$0.0522 per option using the Black-Schofes calculation for the May 2005 issue.

$^{\circ}$ Options have been valued at $\$0.101$ per option using the Black-Schofes calculation for the May 2006 issue.

* Includes the provision of a motor vehicle

The fair value of the options are calculated at the date of grant using the Black-Scholes model and, except for the July 2004 options are allocated to each reporting period evenly over the period from grant date to vesting date. The value disclosed above is a portion of the fair value of the options allocated to this reporting period. The terms 'director' and 'executive' have been treated as mutually exclusive for the purposes of this disclosure.

The following factors and assumptions were used in determining the fair value of options on grant date.

	$\parallel$ Explity Date – per Option – Price – on Grant Date – Volatility – interest rate – vield –	Exercía Exercise Price of Shares Expected Risk Free Dividend
28 July 2004	31 May 2007	\$0.05699	\$0.15	\$0.125	70.00%	610%	Nii
2 June 2005	31 May 2007	\$0.05220	\$0.15	\$0.150	5632%	5.27%	Nik
25 May 2006	31 May 2007	\$0,10100	\$0.15.	\$0.230	60.00%	5.64%	Ni⊱

Tennant Creek Gold LIMITED

REMUNERATION REPORT (Continued)

3. Options granted as part of remuneration - audited

During the year, the Company granted options for no consideration over unissued ordinary shares in the Company to the following Directors and Executives:

– – – – – – – – – – – – – – – – – – – ANTIQUES AND LOCAL CONSUMINANT CONSUMING AND LOCAL CONSUMING A ritar/Officer – during 2006' Grant Date during 2006' (				Contact of the Contact of Contact Contact		anticle s optice of options t
Damion P Delaney? CFO/Compony Secretary	.400.000	- 25 May 2006	466667	80 IOI	30 I.S	31 May 2007

Appointed Company Secretary 2 November 2005

.
4 466,667 options were exercisable at 30 June 2006. Balanced become vested October 2006 and January 2007.

⁸ Options have been valued at \$0.101 per option using the Black-Scholes calculation.

Options granted in the financial year were approved by shareholders ot a General Meeting held 1 March 2006. No options have been granted since the end of the financial year. The options were provided at no cost to the recipients.

	Montenrol Pattons grasted during 2005	Oranidako		Number of The Volume Exercise spiert Posta – emprendenter		are as well as a car Selling American Address of Additional Property
john W Barr	500,000!	28 July 2004	500,000	\$0.05699	\$0.15	33 May 2007
Neil G Biddle	5,000,000*	28 July 2004	5,000,000	\$0.05699	\$0.35	33 May 2007
Michael P Bowen	500,000*	28 July 2004	500,000	\$0.05699	\$0.15	31 May 2007
Terence N Smith	500,000	28 July 2004	500,000	\$0.05699	\$0.35	31 May 2007
Chris Both 2	400,000	28 July 2004	400,000	\$0.05699	\$0.15	31 May 2007
Pedro Kastellorizos 3	200,000*	28 July 2004	200,000	\$0.05699	\$0.15	31 May 2007
John W Barr	2,500,000	2 June 2005	2,500,000	\$0.05220	\$0.35	31 May 2007
Michael P Bowen	1,500,000	2 June 2005	1,500,000	\$0.05220	\$0.15	31 May 2007
Terence N Smith	1,500,000	2 June 2005	1.500.000	\$0.05220	\$0.15	31 May 2007
Chris Both 2	1.600,000	2 June 2005	1.600.000	\$0.05220	\$0.15	33 May 2007

^: As the July 2004 option issue vested in July, and as this date is before 1 January 2005, the Company elected to take the AASB1 exemption not to apply the recognition and measurement requirements of AASB2 to these options. Therefore, there is no AFRS implication of these not to apply the recognition and measurement requirements of AASB2 to these options. The issue. These amounts are not recognised as an expense and as such do not form part of remuneration.

² Resigned 30 September 2005

⁸ Resigned 3 January 2006

REMUNERATION REPORT (Continued)

4. Modification of terms of equity-settled share-based payment transaction - audited

At a General Meeting held 1 March 2006, the shareholders approved the variotion of 14,550,000 options. expiring 31 May 2007, exercisable at \$0.15. The terms were varied from being a non-transferable, unlisted option to transferable options and listed on the ASX. There was no change in the fair value of the options as a result of this variation.

5. Exercise of options granted as compensation - audited

During the year the following shares were issued on the exercise of options previously aranted as remuneration: (2005;Nil)

. Mumber of shares and a Amount Paid \$/share and a Mumber of shares and a Amount Paid \$/share	.
Directors
John W Barr	1,700,000	\$ 0.15
Neil G Biddle	3.500,000	\$ 0.15
Michael P Bowen	650,000	\$0.15
Terence Ni Smith
Executives
Damian P Delaney 3
Chris Bath!	1,200,000	\$0.15
Pedro Kastellorizos?	200,000	\$0.15

⁸ Resigned 30 September 2005

$^{\circ}$ Resigned 3 January 2006

De Bre

1

Appointed Company Secretary 4 November 2005

There are no amounts unpaid on the shares issued as a result of the exercise of the options in 2005 or 2006.

1

REMUNERATION REPORT (Continued)

6. Analysis of options and rights over equity instruments granted as compensation - unaudited

Details of the resting profile of the options granted as remuneration to each director of the Company and relevant group executive who receive the highest remuneration is detailed below:

		Optom Omtod Harrison					Voice yet to Vest \$
	Namber	Date	% vested. In year.	rormico (n Magrile)	Financial years in which grant vests	Min ीज	Mox. 1d.
Directors
John W Barr	500,000	28 July 2004	100%		2005
	2.500.000	2 June 2005	100%		2005
Neil G Biddle	5,000,000	28 July 2004	100%		2005
Michael P Bowen	500,000	28 July 2004	100%		2005
	1.500.000	2 June 2005	100%		2005
Terence N Smith	500.000	28 July 2004	100%		2005
	1,500,000	2 lene 2006	100%		2005
Executives
Damion P Defaney?	466.667	25 May 2006	33.3%		2006
	466,667	25 May 2006	33.3%		2007		47.133
	466,666	25 May 2006	33.3%		2007		47.133
Chris Bath 3	400.000	28 July 2004	100%		2005
	1.600.000	2 June 2005	100%		2005
Pedro Kastellorizosª	200.000	28 July 2004	100%		2005

t As the July 2004 option issue vested in July, and as this date is before 1 January 2005, the Company elected to take the AASB1 exemption
- not to apply the recognition and measurement requirements of AASB2 to these optio issue. These amounts are not recognised as an expense and a such do not form part of remuneration.
Appointed Company Secretary 4 November 2005

ε εφρατικά company cocious)
* Resigned 30 September 2006
* Resigned 3 January 2006

• (a) The percentage forfeited in the year represents the reduction from the maximum number of options available to vest due to the highest level performance criteria not being ochieved.
• (b) The minimum volue of options yet to vest is \$nil as the performance criteria may not be met and consequently the option may not vest.
• (c) The moximum value of options yet to vest is not determinable as it depends on the market price of shares. of the Company on the Australian Stock Exchange at the date the option is exercised. These share prices represent a maximum price included in the volatility assumptions within the valuation of the options.

un kematukan ke

bité

123

8

ē

25 8

REMUNERATION REPORT (Continued)

7. Analysis of movements in options - unaudited

The movement during the reporting period, by value, of options over ordinary shares held by each Company director and each relevant group executive is detailed below:

Albanya di Kabupatén Bandung Padé Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Bandung Ba				,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, System of Options and Continuum and Continuum of Continuum and Continuum of the Continuum of Continuum of Continuum of Continuum of Continuum of Continuum of Continuum of Continuum of Continuum of Continuum of Continuum o
		Granted in Year (a) Exercised in year (a) Samananananananananan S	Forfeited in vear (c)	Tetal option velue in year
Directors
John W Barr		98,500		98.500
Neil G Biddle		93.000		93,000
Michael P Bowen		39.000		39.000
Terence N Smith
Executives
Domian P Delaney 3	341.400			141.400
Chris Bath3		231.000		231.000
Pedro Kastellorizos?		21.370		21,370

⁸ Resigned 30 September 2005

³ Resigned 3 January 2006.

³ Appointed Company Secretary 4 November 2005

• (a) The value of the options granted in the year is the fair value of the options calculated at the grant date using the Black-Scholes model. The total value of the options granted is included in the table above. This amount is allocated to remuneration over the vesting period.
• (b) The value of the options exercised during the year is calculated as the market price of shares of the Company on the Australian Stock Exchange as at close of trading on the date the options were exercised after deducting the price paid to exercise the option.
• (c) The value of the options that lapsed during the year represents the benefit forgone and is calculated at the date the option lapsed using the Black-Scholes model with no adjustments for whether the performance criteria hove or have not been achieved.

DIRECTORS' INTERESTS

The relevant interest of each Director in the shares and options over such instruments issued by the companies within the consolidated entity and other related body corporates, as notified by the Directors to the ASX in accordance with S205G(1) of the Corporations Act 2001, at the date of this report is as follows:

Director California Continuing Continuing Shares Continuing Options over Ordinary Shares
John W Barr	8.700.000	5.099.999
-Neil G-Biddie -	5,761,868	7.669.642
Michael P Bowen.	750,002	2,185,088
Terence N Smith	1.600.000.	3.510.087

Tennant Creek Gold LIMITED

DIRECTORS' INTERESTS (Continued)

Unissued shares under option

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

Exercise price Number of options Number of options and the Mumber of options and the Exercise price
30 April 2007	80.12	7.000.000
31 May 2007	\$0.35	61.664.0141
31 May 2007	\$035	2.000.000

³ Includes 3,966,662 options not yet vested.

14,450,121 shares were issued on the exercise of options expiring 31 May 2007, exercisable at \$0.15 per option, during the year.

The options do not entitle the holder to participate in any shore issue of the Compony or any other body corporate.

ETHICAL STANDARDS

All directors, managers and employees are expected to act with the utmost integrity and objectivity, striving at all fimes to enhance the reputation and performance of the consolidated entity. Every employee has a nominated supervisor to whom they may refer any issues arising from their employment.

Code of Conduct

This code of conduct sets out the standard which the Board, management and employees of the Company are encouraged to comply with when dealing with each other, shareholders and the broader community.

Commitment of the Board and Management to Corporate Code of Conduct

The Board and manogement approve and endorse this code of conduct and support the code and all it strives to achieve.

The Board and management encourage all staff to consider the principles of the code and use them as a guide to determining how to respond when acting on behalf of the Company.

Responsibilities to Shareholders and the Financial Community Generally

The Company aims:

• * To increase shareholder value within an appropriate framework which safeguards the rights and interests of the Company's shareholders and the financial community; and
• Comply with systems of control and accountability which the Company has in place as part of its corporate governance with openness and integrity.

ETHICAL STANDARDS (Continued)

Responsibilities to Clients, Customers and Consumers

The Company is to comply with all legislative and common law requirements which affect its business, in particular those in respect of occupational health and safety, the environment, native title and cultural heritage. Any transgression from the applicable legal rules is to be reported to the managing director as soon as a person becomes awore of such a transgression.

Employment Practices

The Company will employ the best available stoff and consultants with skills required to carry out vacont positions.

The Company will ensure a safe work place and maintain proper occupational health and safety practices commensurate with the nature of the Company's business and activities.

Responsibility to the Community

The Company will recognise, consider and respect environmental issues which arise in relation to the Company's activities and comply with all applicable. legal requirements.

Responsibility to the Individual

The Company recognises and respects the rights of individuals and to the best of its ability will comply with the applicable legal rules regarding privacy, privileges, private and confidential information.

Obligations Relative to Fair Trading and Dealing

The Company will deal with others in a way that is fair and will not engage in deceptive practices.

Conflicts of Interest

The Board, management and employees must not involve themselves in situations where there is a real or apparent conflict interest between them as individuals and the interest of the Company. Where a real or apparent conflict of interest orises the matter should be brought to the attention of the Chairperson in the case of a board member or the managing director. the managina director in the case of a member of management and a supervisor in the case of an employee, so that it may be considered and dealt with in an appropriate manner for all concerned.

Compliance with the Code

Any breach of compliance with this code is fo be reported directly to the managing director or chairperson, as appropriate.

Periodic Review of Code

The Company will monitor compliance with the code periodically by liaising with the Board, management and staff especially in relation to any areas of difficulty which arise from the code and any other ideas or suggestions for improvement of the code. Suggestions for improvements or amendments to the code can be made at any time by providing a written note to the managing director.

ETHICAL STANDARDS (Continued)

Incorporation of Code of Conduct for Executives

The Code of Conduct for Executives forms part of this Corporate Code of Conduct. It provides as follows: All Executives will:

• 1. Actively promote the highest standards of ethics and integrity in corrying out their duties for the Company.
• 1. Disclose any actual or perceived conflicts of interest of a direct or indirect nature of which they become oware and which they believe could compromise in ony way the reputation or performance of the Company.
• 1. Respect confidentiality of all information of a confidential nature which is acquired in the course of the Company's business and not disclose or make improper use of such confidential information to any person unless specific authorisation is given for disclosure or disclosure is legally mondated.
• 1. Deal with the Company's customers, suppliers, competitors and each other with the highest level of honesty, fairness and integrity and to observe the rule and spirit of the fegal and regulatory environment. in which the Company operates.
• 1. Protect the assets of the Company to ensure availability for legitimate business purposes and ensure. all corporate opportunities are enjoyed by the Company and that no property, information or position belonging to the Company or opportunity arising from these are used for personal gain or to compete with the Company.
• 1. Report any breach of this code of conduct to the chairperson, who will treat reports made in good faith of such violations with respect and in confidence.

Indigenous Policy

Tennant Creek Gold Limited recognises the traditional attachment and customary requirements and preservation of culture and customs by indigenous people in relation to land.

It is our desire to develop long term relationships with Indigenous people and communities where we conduct exploration and mine development and operations.

A full description of the Company's Indigenous Policy can be found on our website www.fermantcreekgold.com.au.

LIKELY DEVELOPMENTS

The consolidated entity will continue to develop its Northern Territory exploration projects, manage its interest in Cawse Extended and manage its investments in Thor Mining PLC and Batavia Mining Limited.

UI DI TATI KU KU KU

: )

8

Additional comments on likely developments of the consolidated entity are included under the review of operations and activities on pages 2 to 6 of this report.

INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS

The Company has agreed to indemnify current and former directors and officers against oll liabilities to another person (other than the Company or a related body corporate), including legal expenses that may arise from their position as directors and officers of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith or for a pecuniary penalty 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' liability insurance contracts, as such disclosure is prohibited under the terms of the contract.

ENVIRONMENTAL REGULATIONS

The consolidated entity's operations are not subject to any significant environmental requiations under either Commonwealth or State legislation. However, the Board believes that the consolidated entity has adequate systems in place for the management of its environmental requirements and is not awore of any breach of those environmental requirements as they apply to the consolidated entity.

EVENTS SUBSEQUENT TO REPORTING DATE

Tennant Creek Gold Ltd has increased its investment in Batavia Mining and now holds 81,466,157 shares representing 14.3% of the issued capital. The value of this investment at date of this report is approximately $$4.0$ million.

Thor has completed a share consolidation, an IPO of \$10.0 million and listed on the ASX. As a result of these changes Tennant Creek Gold Ltd now holds 15,000,000 shares representing 11.5% of the issued share capital.

NON AUDIT SERVICES

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

AUDITOR INDEPENDENCE DECLARATION

The auditor's independence declaration is included on page 23 of the financial report and forms part of the directors' report for the financial year ended 30 June 2006.

Signed in accordance with a resolution of the Directors.

John W Barr Chairman 29 September 2006

Tennant Creek Gold LIMITED

Lead auditor's independence declaration under Section 307C of the Corporations Act 2001

To the directors of Tennant Creek Gold Limited

I declare that, to the best of my knowledge and belief, in relation to the oudit for the financial year ended 30 June 2006 there have been:

• . No contraventions of the auditor independence requirements as set out in the Corporations Act 2003 in relation to the audit; and
• No controventions of any applicable code of professional conduct in relation to the audit.

LONG

KPMG

Oruscand

D P McComish Partner Perth, Western Australia 29 September 2006

INCOME STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2006

es

SOOTSTELLING

		Communication		THE CHANGE OF THE CONSTRUCTION
	Note	2006	2006	2006	2005
					ň.
Gain on sale of tenements	2(a)	648,072
Gain on sale of investments	2(a)	305.349		264.166
Other income	2(a)	215,306	318.583	156.608	54,696
Total income		1,168,727	318,583	420,774	54.696
Occupancy expenses		(41, 390)	(81.702)	(41,390)	(74,760)
Administrative expenses		$ 54,842\rangle$	(141.823)	(50.496)	(95.073)
Corporale expenses		(963.166)	(783.599)	(798.063)	(683,221)
Employment expenses		를80,479}	(121, 208)	(178, 800)	(121, 208)
Depreciation and amortisation expenses	2(b)	(44.115)	$ 42,327\rangle$	(42.851)	(37,827)
Reversal of impairment loss of investment in associates		1,303.347		1,303.347
Impaisment loss of investment in associates			(1, 103, 347)		(1,103,347)
Share based payments expense for consultants/employees		(549.317)	(370.620)	(549.317)	(370.620)
Amortisation of exploration expenses	2(하		{87,495}
Share of lass in associates	26	(650,682)
Other expenses	2(c)	(14,618)	(1,339,588)		(384.480)
Loss before finance cost and tax		(226,535)	(3,753,126)	(136.796)	(2,815,840)
Finance cost		(2,550)	(3,301)	(2,550)	(3,211)
Loss before income tax		(229,085)	{3,756,427}	{139,346}	{2,819,051}
Income fax expense	4
Loss attributable to members of Tennant Creek Gold Limited		(229.085)	{3,756,427}	{139,346}	{2,819,051}
Basic earnings per share	5	(0.003)	(0.054)
Diluted earnings per share	5	(0.003)	(0.054)

The income statements are to be read in conjunction with the notes to the financial statements.

e M

ş

\$

878

e za

va za 1999 d

BALANCE SHEETS

	AS AT 30 JUNE 2006.
--	---------------------

				Conscideted
		Note 100	2005	2006	2005
			1	Ł	J.
Current assets
Cash and cash equivalents	7	3,327,132	1,550,702	3,323,556	1,308,638
Trade and other receivables.	8	144,462	431,612	114,999	345,879
Other	10	40,598	47977	39,740	29.421
Total current assets		3,512,392	2,030,291	3,478,295	1,683,938
Non-current assets
Trade and ather receivables	8	14.451
Other financial assets	୍ନାରୀ			5,821,249	3,575,988
Investments accounted for using equity method	9(b)	3.739.790	1,949,803
Plant and equipment	B	126.168	112.518	122,315	107,401
Exploration and evoluation expenditure	12	5,098,914	4,393,373
Total non-current assets		8,979,323	6,455,694	5.943.564	3,683,389
Total assets		12,491,515	8,485,985	9,421,859	5,367,327
Current liabilities
Trade and other payables	13	159,287	274,594	85,363	274,594
Interest bearing liabilities	14	6,846	6.379	6.846	6,379
Pravisions	16	22.013	17,241	22.013	17,243
Total current liabilities		188,146	298,214	114,222	298,214
Non-current liabilities
Interest bearing liabilities	14	22.652	29.498	22,652	29,498
Non interast bearing fiobilities	15			630.080	562,679
Total non-current liabilities		22,652	29,498	652,732	592,177
Total liabilities.		210,798	327,732	766,954	890,391
Net assets		12,280,717	8,158,273	8,654,905	4,476,936
Equity
Issued capital	17	9,346,022	6,581,394	9,346,022	6,581,394
Reserves	19	1,037,584		1,003,370
Retoined earnings		1,897,111	1,576,879	11,694,4871	[2] 04,458]
Total equity		12,280,717	8,158,273	8,654,905	4,476,936

The balance sheets are to be read in conjunction with the notes to the financial statements.

Anna a Reportua OOC

STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2006

		Consolidation			THE COMMUNIST OF STATE
	Note	2006	2005	2006	2006
Cash flows from operating activities
Cosh payments in the course of operations		11,318,8673	(1,012,005)	(1,329,721)	(812,990)
Interest received		92,856	36,729	92.762	53,915
Proceeds from rayalities		58,604	304,533
Net cash used in operating activities	27	11,167,407)	(670,743)	11.236.9599	1759,075).
Cash flows from investing activities
Proceeds on disposal of non-current ossets			452		452
Proceeds from sale of investments		1,184,094	293.772	557938	293.773
Proceeds from subunderwriting		63,846		63,846
toan to controlled entities				67.401	(1, 379, 864)
Payments for plant and equipment		(57,075)	(51,511)	(57,075)	${51,512}$
Payments for investments in associates		(1,303,106)	(320, 278)	(1, 141, 852)	(290,278)
Payments for exploration and development expenditure		(705,541)	11.315.956}
Net cash used in investing activities		(817,782)	B.393.52B	(509,742)	(1,427,429)
Cash flows from financing activities
Proceeds on issue of shares and options		3,855,976	1,950,000	3,855,976	1,950,000
Tronsaction costs from issue of shares		(87,978)	(40,473)	$ 87978\rangle$	(40,473)
Finance lease payments		[6, 379]	(7,25.4)	16,379%	(7,254)
Net cash received from financing activities		3,761,619	1902.273	3,761,619	1,902,273
Net increase/(decrease) in cash held		1,776,430	(361.991)	2,014,918	(284, 231)
Cosh at the beginning of the financial year		1,550,702	1,712,693	1,308,638	1,592,869
Cash at the end of the financial year	7	3,327,132	1,550,702	3,323,556	1,308,638

The statements of cash flows are to be read in conjunction with the notes to the financial statements.

Tennant Greek Gold Lininin

STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED $30$ JUNE $200\delta$

				1973 - Johann John Barnett, fransk fotballsk
	Search		en de la		Related Transferior Peter Transfer
	Note Capital Earnings reserves Reserve Total i
	Ş.	y.			\$
Consolidated
At 1 July 2004	3,471,866	4,962,688			8,434,554
Loss for the period		(3,756,429)			(3,756,429)
Total recognised income and expense		(3,756,429)			(3,756,429)
Share based payments expense		370,620			370,620
Share placement	1,950,000				1,950,000
Consideration for purchase of subsidiary	1,200,000				1,200,000
Share issue costs	[40,472]				(40, 472)
At 30 June 2005	6,581,394	1,576,879			8,158,273
At 1 July 2005	6,581,394	1,576,879			8,158,273
Loss for the period		(229,085)			(229,085)
Foreign currency translation reserve			34,214		34,214
Total recognised income and expense		(229,085)	34,214		(194,871)
Share based payments expense		549,317			549,317
Shares issued	2,852,606				2,852,606
Pro rota option issue				1,003,370	1,003,370
Share issue costs	[87978]				(87,978)
At 30 June 2006	9,346,022	1,897,111	34,214	1,003,370	12,280,717
Company
At 1 July 2004	3,471,866	343,975			3,815,841
Loss for the period		[2,819,053]			(2,819,053)
Total recognised income and expense		[2,819,053]			(2,819,053)
Share based payments expense		370,620			370.620
Share placement	1,950,000				1,950,000
Consideration for purchase of subsidiary	1,200,000				1,200,000
Share issue costs	(40,472)				(40,472)
At 30 June 2005	6,581,394	(2,104,458)			4,476,936
At Eldy 2005	6,581,394	[2,104,458]			4,476,936
Loss for the period		[139, 346]			(139, 346)
Total recognised income and expense		[139, 346]			(139, 346)
Share based payments expense		549,317			549,317
Shares issued	2,852,606				2,852,606
Pro rata option issue				1,003,370	1,003,370
Share issue costs	$ 87978\rangle$				(87,978)
At 30 June 2006	9,346,022	(1,694,487)		1,003,370	8,654,905

Annual Reportune 6.00

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Tennant Creek Gold Limited (the 'Company') is a company domiciled in Australia. The consolidated financial report of the Company for the financial year ended 30 June 2006 comprise the Company and its subsidiaries (together referred to as the 'consolidated entity') and the consolidated entity's interest in ossociated entities. The financial report was authorised for issue by the directors on 29 September 2006.

(a) Statement of compliance

The financial report is a general purpose financial report which has been prepared in accordance with Australian Accounting Standards ('AASBs'), Urgent Issues Group Interpretations ("UIGs") adopted by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001. International Financial Reporting Standards ('IFRSs') form the basis of Australion Accounting Standards ('AASBs') adopted by the AASB, and for the purpose of this report are colled Australian equivalents to IFRS ("AIFRS") to distinguish from previous Australian GAAP.

This is the consolidated entity's first financial report prepared in accordance with Australian Accounting Standards, being AIFRS and IFRS, and AASB 1 First Time Adoption of Australian Equivalents to International Financial Reporting Stondards has been applied. An explanation of how the transition to AIFRS has offected the reported financial position, financial performance and cash flows of the consolidated entity and the Company is provided in note $3^{\frac{5}{2}}$ . The consolidated financial statements and notes of Tennant Creek Gold Limited comply with IFRSs and interpretations adopted by the International Accounting Standards Board. The parent financial slatements and notes do not comply with IFRSs as the Company has elected to apply the relief provided to parent entities by AASB 132 Financial Insiruments: Presentation and Disclosure in respect of certain disclosure requirements.

(b) Basis of preparation

The financial report is presented in Australian dollars. The entity has elected to early adopt the following accounting standards and amendments:

· Revised accounting standard AASB 119 Employee Benefits (December 2004). There is no impact of early adoption.

The following standards and amendments were available for early adoption but have not been applied by the consolidated eatity in these financial statements:

• AASB 7 Financial instruments: Disclosure (August 2005) replacing the presentation requirements of financial instruments in AASB 132. AASB 7 is applicable for annual reporting periods beginning on or ofter 1 Jonuary 2007.
• . AASB 2004-3 Amendments to Australian Accounting Standards (December 2004) amending AASB 1 First time Adaption of Australian Equivalents to International Financial Reporting Standards (July 2004), AASB 101 Presentation of Financial Statements and AASB 124 Related Porty Disclosures
• . AASB 2005-1 Amendments to Australian Accounting Standards (May 2005) amending AASB 139 Financial Instruments: Recognition and Measurement
• . AASB 2005-3 Amendments to Australian Accounting Standards (fune 2005) amending AASB 119 Employee Benefits (either July or December 2004).
• . AASB 2005-4 Amendments to Australian Accounting Standards (June 2005) amending AASB 139 Financial Instruments: Recognition and Measurement, AASB 132 Finoncial Instruments: Disclosure and Presentation, AASB 1 First-time Adoption of Austrolian Equivalents to International Financial Reporting Standards (July 2004), AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts
• AASB 2005-5 Amendments to Australian Accounting Standards (fune 2005) amending AASB 1 First time Adoption of Australian Equivalents to International Financial Reporting Standards (Idly 2004), and AASB 139 Financial Instruments: Recognition and Measurement
• · 2005-2 AASB 1023 General Insurance Contract.
• 2005/9 AASB 4 Insurance Contracts, AASB 1023 General Insurance Contracts, AASB 139 Financial Instruments ~ Recognition and Measurement and AASB 132 Financial Instruments - Disclosure and Presentation.

Tennant Creek Gold Linninh

• 2005-12 AASB 1038 Life Insurance Contracts and AASB 1023 General Insurance Contracts
• 2005-6 AASB 3 Business Combinations

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

• 2005-10 AASB-132 Financial Instruments: Disclosure and Presentation, AASB-101 Presentation of Financial Statements, AASB 114 Segment Reporting, AASB 117 Leases, AASB 133 Earnings Per Share, AASB 139 Financial Instruments: Recognition and Measurements, AASB 1 First Time Adoption of AIFRS, AASB 4 Insurance Contracts, AASB 1023 General Insurance Contracts, AASB 1038 Life Insurance Contracts.
• AASB 2006:1 Amendments to Australian Accounting Standards (January 2006) amending AASB 121 The Effects of Changes in Foreign Exchange Rates (fuly 2004).
• AASB 2006-2 Amendments to Australian Accounting Standards (March 2006)
• · UIG 4 Determining whether an Arrangement contains a Lease
• · UIG 5 Rights to Interests asising from Decommissioning, Restoration and Environmental Rehabilitation Funds
• · UIG 6 Liobilities arising from participating in a Specific Morket-Waste Electrical and Electronic Equipment
• UIG 7 Applying the Restatement Approach under AASB 129 Financial Reporting in Hyperinflationary Economies
• · UIG 8 Scope of AASB 2.

The consolidated entity plans to adopt all these stondards and amendments if applicable in the 2007 financial year.

The initial application of AASB 200.5-9 could have an impact on the financial results of the Company and the consolidated entity as the amendment could result in liabilities being recognised for financial quarantee contracts that have been provided by the Company and the consolidated entity. However, the quantification of the impact is not known or reasonably estimable in the current financial year as an exercise to quantify the financial impact has not been undertaken by the Company and the consolidated entity to date.

The initial application of all other standards and amendments is not expected to have an impact on the financial results of the Compony and the consolidated entity as the standards and the amendments are concerned only with disclosures.

The financial report is prepared on the historical cost bosis.

The preparation of a financial report in conformity with Australian Accounting Stondards requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the bosis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results moy differ from these estimates.

The estimates and underlying assumptions are reviewed on an origoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The accounting policies set out below have been opplied consistently to all periods presented in the consolidated financial report and in preparing an opening AIFRS balance sheet at 1 July 2004 for the purposes of the transition to Australian Accounting Stondards - AIFRS, except for the adoption of AASB 132 Finoncial
Instruments: Disclosure and AASB 139 Financial Instruments: Recognition and Measurement. The Company and the consolidated entity have applied the AASB 1.36A exemption and elected not to apply AASB 132 and AASB 139 to the comparative period. A reconciliation of opening balances impacted by AASB 132 and AASB 139 at 1 July 2005 has been provided in note 31.

The accounting policies have been applied consistently by all entities in the consolidated entity

(c) Basis of consolidation

(i) Subsidiaries

Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial report from the date that control commences until the date that control ceases. Investments in subsidiaries are carried at their cost of acquisition in the Company's Financial Statements less impairment losses.

A RADA RAMAN SALAMAN MANAGERIA

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(c) Basis of consolidation (continued)

(ii) Associates

Associates are those entities over which the consolidated entity has significant influence, but not control, over the financial and operating policies. The consolidated financial statements include the consolidated entity's share of the total recognised goins and losses of associates on an equity accounted basis, from the date that significant influence commences until the date that significant influence ceases.

When the consolidated entity's share of lasses exceeds its interest in an associate, the consolidated entity's conving omount is reduced to nil and recognition of further losses is discontinued except to the extent that the consolidated entity has incurred legal or constructive obligations or made payments on behalf of an associate.

In the Company's financial statements investment in associates are carried at cost of acquisition.

(iii) Transactions eliminated on consolidation

Intragroup balances, and any enrealised gains and losses or income and expenses arising from intragroup transactions, are eliminated in preparing the consolidated Income Statement.

Unrealised gains arising from transactions with associates and are eliminated to the extent of the consolidated entity's interest in the entity with adjustments made to the "Investment in associates" and "Share of associates net profil" accounts.

Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

Gains and losses are recognised as the contributed assets are consumed ar sold by the associates, if not consumed or sold by the ossociate, when the consolidated entity's interest in such entities is disposed of.

(d) Income Tax

Current lax assels and liabilities for the current and prior periods are measured at the omount expected to be recovered from or paid to the taxation outhorities. The tax rates and tax laws used to compute the amounts are those that ore enacted or substantively enacted at the bolance sheet date.

Deferred Income tax is provided on all temporary differences at the balance sheet date between the tox boses of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax liabilities are recognised for all taxable temporory differences:

• (i) Except where the deferred income tax liability arises from the initial recognition of goodwill or of an osset or liability in a transaction that is not a business combination and at the time of transaction, offects neither the accounting profit nor taxable profit or lass; and
• (ii) In respect of taxable temporary differences associated with investments in subsidiories and associates except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred income tax assets are recognised for all deductible temporary differences, corry forward of unused tax ossets and unused tax losses, to the extent that it is probable that laxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax fosses can be uillised, except:

• (iii) When the deferred income tox asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
• (iv) When the deductible temporary difference is associated with investments in subsidiaries and associates in which case a deferred tax asset is only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeoble future and taxable profit will be available ogainst which the temporary difference can be utilised.

TADDA HALASAS KAROLA MADADD

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(d) Income Tax (continued)

The carrying amount of deferred income tax assets is reviewed at each balance sheet dote reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.

Unrecoanised deferred income tax assets are reassessed at each balonce sheet date and are recoanised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rales that are expected to apply to the year when the asset is realised or the liability is settled, based on tox rotes (and tox laws) that have been enacted or substantively enacted at the balance sheet date.

Income taxes relating to items recognised directly in equity are recognised in equity and not in the income sidiement.

Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxalion authority.

(e) Tax Consolidation

The Company is the head entity in a tox-consolidated group comprising the Company and all its Australian wholly awned subsidiaries. The implementation date of the lax consolidations system for the tax-consolidated group was 1 July 2003.

The current and deferred tox omounts for the tax-consolidated group are allocated among the entities in the group using a "stand-alone taxpayer" approach whereby each entity in the tax-consolidated group measures its current and deferred taxes as if it continued to be seporately taxable entity in its own right. Deferred tax assets and deferred tax liabilities are measured by reference to the carrying amounts of the assets and liabilities in the Company's balance sheet and their tax values applying under tax consolidation.

Any current tax liabilities (or assets) and deferred tax assets orising from unused lax losses assumed by the head entity from the subsidiories in the tax-consolidated aroup are recognised in conjunction with any tax funding arrongement amounts. Any difference between these omounts is recognised by the Company as an equity contribution to or distribution from the subsidiary. Distributions firstly reduce the carrying amount of the investment in the subsidiary and are then recognised as revenue.

The Company recognises deferred tax assets arising from unused tax losses of the tax-consolidated group to the extent that it is probable that future taxable profits of the tax-consolidated group will be available against which the asset can be utilised. Any subsequent period adjustments to deferred lax assets arising from unused tox losses assumed from subsidiories are recognised by the head entity only.

(f) Other Taxes

Revenues, expenses and assets are recognised net of the omount of GST except:

• (i) Where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
• (ii) Receivables and poyables are stated with the amount of GST included.
• (iii) The net amount of GST recoverable from, or payoble to, the taxation outhority is included as part of receivables or payables in the balance sheet.
• (iv) Cash flows are included in the Cash Flow Statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the toxation authority, are classified as operating cash flows.
• (v) Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the toxation outhority.

ABAL PERSONAL PROPERTY

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(a) Plant and equipment

(i) Owned assets

ltems of plant and equipment are stated at cost or deemed cost less accumulated depreciation (see below) and impairment losses (see accounting policy (I)). The cost of self-constructed assets includes the cost of moterials, direct labour, and an appropriate proportion of production overheads. The cost of self-constructed assets and acquired assets includes (i) the initial estimate at the time of installation and during the period of use, when relevant, of the costs of dismantling and removing the items and restoring the site on which they are focated, and (ii) changes in the measurement of existing liabilities recognised for these costs resulting from changes in the timing or outflow of resources required to settle the obligation or from changes in the discount rate.

Where parts of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant and equipment.

(ii) Leased assets

Leases in terms of which the consolidated entity assumes substantially all of the risks and rewards of ownership are classified as finance leases. Lease poyments are accounted for as described in accounting policy(s).

(iii) Subsequent costs

The consolidated entity recognises in the carrying amount of an item of plant and equipment the cost of replacing part of such an item when that cost is incurred if it is probable that the future economic benefits embodied within the item will flow to the consolidated entity and the cost of the item can be measured reliobly. All other costs are recognised in the income statement as an expense as incurred.

(iv) Depreciation

Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of on item of plant and equipment. The estimated useful lives in the current and comparative periods are as follows:

leasehold improvements Civer the lease term
Plant and equipment	-3 to 8 years.
Fixtures and filtings	-3 to 8 vears

The residual value, the useful life and the depreciation method applied to an asset are reassessed annually.

(h) Foreign currency Translation

Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Austrolian dollars at the foreign exchange rote ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rote at the date of the transaction. Nonmonetary assets and tiabilities denominated in foreign currencies that are stated at fair volve are translated to Australian dollars at foreign exchange rates ruling at the dates the fair value whe determined.

(i) Trade and other receivables

Trade receivables, which generally have terms of 30 days or less and are recognised and carried at original invoice amount less an allowance for any uncollectible amounts. An allowance for doubtful debts is mode when there is objective evidence that the Group will not be able to collect the debts. Bad debts are written of when Mantitart

(i) Investments

Current accounting policy

Financial instruments held for trading are classified as current assets and are stated at fair value, with any resultant gain or loss recognised in the income statement. The consolidated entity has not designated any other financial ossets or liabilities as measured at fair value through profit or loss.

Tennant Creek Gold Linninh

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(i) Investments (continued)

The foir value of financial instruments classified as held for trading and available for sole is their guoted bid price at the balance sheet date adjusted for anticipated selling costs.

Financial instruments classified as held for trading or available-for-sale investments are recognised/derecognised by the consolidated entity on the date it commits to purchase/sell the investments. Securities held to maturity are recognised/derecognised on the day they are transferred by the consolidated entity.

Comparative period policy

Investments in Iisted and unlisted entities are carried at lower of cost and recoverable amount. There is no impact of this change in accounting policy on the financial report of the consolidated entity.

(k) Cash and cash equivalents

Cosh and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less.

(I) Exploration and evaluation expenditure

Exploration and evaluation expenditure is stated at cost and is accumulated in respect of each identifiable area of interest.

Mining tenements that had been revalued to fair value on or prior to 1 July 2004, the date of transition to Australian Accounting Standards ~ AIFRS, are measured on the basis of deemed cost, being the revolued amount at the date of that revaluation.

Such costs are only carried forward when the rights to tenure of that area of interest are current and either such expenditure is expected to be recouped through the successful development and commercial exploitation of the ared of interest for alternatively by its sale), or where activities in the orea have not yet reached a stage which permits a reasonable assessment of the existence or atherwise of economically recoverable reserves, and active and significant operations are continuing.

Accumulated costs in relation to an abondoned area are written off to the income statement in the period in which the decision to abandon the area is made.

The Directors review the carrying value of each area of interest of balance date and exploration expenditure. which no longer sotisfies the above policy is written off.

AASB 6 Exploration and Evaluation of Mineral Resources has been applied effective 1 July 2004.

(m) Impairment

The carrying amounts of the consolidated entity's assets other than deferred tax assets (see accounting policy (d)) are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.

An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in the income statement.

(i) Calculation of recoverable amount

The recoverable amount of the consolidated entity's investments in held-to-maturity securities and receivables corried at amortised cost is calculated as the present value of estimated future cash flows, discounted at the original effective interest rate (i.e., the effective interest rate computed of initial recognition of these financial assets). Receivables with a short duration are not discounted.

Impairment of receivables is not recognised until objective evidence is available that a loss event has occurred. Significant receivables are individually assessed for impairment.

The recoverable amount of other assets is the greater of their fair value less costs to sell and value in use, tn assessing volue in use, the estimated luture cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cosh inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(m) Impairment (continued)

(ii) Reversals of impairment

Impoirment losses are reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimate used to determine the recoverable amount. The amount of the reversal is recognised in profit or loss.

(n) Issued capital

Transaction costs of an equity transaction are accounted for as a deduction from equity, net of any related income tox benefit

(o) Interest bearing borrowings

All loans and borrowings are initially recognised at the fair value of the consideration received net of issue costs associated with the borrowing.

After initial recognition, interest bearing loans and borrowings are subsequently measured of amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement.

Goins and losses are recognised in the income statement when the liabilities are derecognised as well as through the amortisation process.

(p) Employee Benefits

(i) Share based payments

The Group provides benefits to employees (including directors) of the Group in the form of share-based payment transactions, whereby employees render services in exchange for share's or rights over shores l'equity-settled transactions').

The loir value of these equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by an external valuer using a Black-Scholes model.

In valuing equitysettled transactions, no account is taken of any performance conditions, other than conditions linked to the price of the shores of Tennant Creek Gold Umited 'morket conditions' if applicable.

The foir value of equity-settled transactions are recognised, together with a corresponding increase in equity over the period, ending on the date on which the relevant employees become fully entitled to the aword the ivesting datei).

The cumulative expense recognised for equity settled transactions at each reporting date until vesting date reflects (i) the extent to which the vesting period has expired and (ii) Tennant Creek Gold Limited's best estimate of the number of equity instruments that will ultimately vest. No adjustment is made for the likelihood of market canditions being met as the effect of these conditions is included in the determination of fair value of grant date. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of the period.

No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional upon a market condition.

If the terms of an equity-settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-based poyment arrongement, or is otherwise beneficial to the employee os measured at the date of modification.

If an equity-settled award is concelled, it is treated as if it had vested on the date of concellation, and ony expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph

The dilative effect, if any, of outstanding options is reflected as additional share dilation in the computation of eominas per share.

TE MARATTE TELESE KARD LA ALAMA

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(p) Employee Benefits (continued)

(ii) Wages, salaries, annual leave, sick leave and non-monetary benefits.

Liabilities for employee benefits for wages, salories, annual leave and sick leave represent present obligations resulting from employees' services provided to reporting date, calculated at undiscounted amounts based on remuneration wage and salary rates that the consolidated entity expects to pay as at reporting date including related on-costs, such as, workers compensation insurance and poyroll tax.

(iii) Defined contribution funds

Obligations for contributions to defined contribution superannualion funds ore recognised as an expense in the income statement as incurred.

(g) Provisions

A provision is recognised in the bolance sheet when the consolidated entity has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tox rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liobility.

(r) Trade and other payables

Trade and other payables are carried at amortised cost and represent liabilities for goods and services provided to the Group prior to the end of the financial vear that are unpaid and arise when the Group becomes obliged to make luture payments in respect of the purchase of these goods and services.

(s) Revenue

Revenue is recognised to the extent that it is probable that economic benefits will flow to the group and the revenue can be reliably measured.

Sale of goods

Income from the sale of tenements and assets held for trading are recognised when significant risk and rewards of ownership of the goods passes to the customer provided that the amount of revenue and the costs incurred or to be incurred can be measured reliably.

Interest revenue

Interest revenue is recognised as it accrues using the effective interest rate method.

Dividends

Revenue from dividends from controlled entities is recognised by the Company when they are declared by the controlled entities.

Revenue from dividends from associates and other investments is recognised when the Group's right to receive the dividend is established.

(t) Expenses

(i) Operating lease payments

Payments mode under operating leases ore recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives received are recognised in the income statement as on integral part of the total lease expense and spread over the leave term.

(ii) Finance lease payments

Minimum fease payments are apportioned between the finance charge and the reduction of the outstanding liobility. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rote of interest on the remaining balance of the liability.

Annual Report 2006

(iii) Net financing costs

Interest income is recognised in the income statement as it accrues, using the effective interest method.

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(u) Segment reporting

A segment is a distinguishable component of the consolidated entity that is engaged either in providing products or services (business segment), or in providing products or services within a particular economic environment (aeographical seament), which is subject to risks and rewards that are different from those of other seaments.

(v) Earnings per share

Basic earnings per share (EPS) is calculated by dividing the net profit or loss attributable to members of the Compony for the reporting period, after excluding any costs of servicing equity (other than ordinary shares), by the weighted overage number of ordinary shares of the Compony, adjusted for any bonus issue.

Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by; (i) the after tax effect of interest and dividends associated with dilulive potential ardinary shares and [ii] other non discretionary changes in revenues ond expenses during the period that would result from dilution of potential ordinary shares, by the weighted overage number of ordinary shares and dilutive potential ordinary shares of the Company adjusted for any bonus issue.

(w) AASB 1 Transitional Exemptions

Tennant Creek Gold Dmited has made its election to the transitional exemptions allowed by AASBT "First Time" Adoption of Australian Equivolents to International Financial Reporting Standards' as follows:

Business Combinations

AASB-3 'Business Combinations' was not applied retrospectively to past business combinations (i.e., business combinations that occurred before the date of transition to AIFRS).

Share-based payment transactions

AASB 2 'Share-based Payments' is applied only to equity instruments granted ofter 7 November 2002 that had not vested on or before $\frac{1}{2}$ (anuary 2005.

2 INCOME AND EXPENSES

		Consolidation		References
	Note	2006	2005.	2006	2005
		S.	Ă.	\$.	\$.
{a} Income
Gain on sale of tenements		648,072
Gain on safe investments		305,349		264,366
Finance tevenue · interest		92.856	53,445	92.762	53.186
Royallies		58,604	261,088
Other income		63,846	4,050	63.846	1,530
Total Income		1,168,727	318,583	420,774	54,696
(b) Depreciation and amortisation
Depreciation of:
Plont and equipment	Ħ	34,771	-32.762	33,507	28.262
Motor valuda	Ħ	7374		7374
teasehold improvements	Ħ	2.370		2370
Plant and equipment under lease.	Ħ		9.565		9,565
Amerisation of:
Exploration costs			87,495
Total depreciation and amortisation		44,115	129,822	42,851	37,827

Tennant Creek Gold Linninh

2. INCOME AND EXPENSES (Continued)

Consolidated Institute
		2004 2005	-2006-
	$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$
Other experises
Loss on sale of controlled entities		261382	10.00	364.309
Write down in exploration costs to: recoverable amount		1,024.132	$\sim$
Other expenses	14,618.	54,274	$\sim$	20 IZI
		1,339,588.

3. AUDITORS' REMUNERATION

Example 2008 Consolidated III III III III II Bhe Company All
$2006$ $2005$ $2005$ $2005$ $2005$ $2005$
$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$
Auditors of the Company
KPMG Ancholier
Audit and raview of financial reports.	- N N 1

4. INCOME TAX

		Gerseidstad – Hill Hill III fas Conpray
	2006	2005	2006	2005
	ÿ,		1
The major components of income tax expense are:
Income statement
Current income tax benefit	[238,153]	1622.7101	(194.873)	(929.950)
Deferred income tax expense
Relating to origination and reversal of temporary differences	(233.622)		[1,432]
Deferred tax ossets (recognised)/not brought to occount as realisation is not regarded as probable	449,775	622.710	196.305	929.950
Income tax expense reported in the income statement
A reconciliation between tax expense and pre-tax loss:
Accounting loss belore income tax	(229.085)	13,756,4271	1139,346)	(2.819.051)
At the Group's statutory income rate of 30% (2005: 30%)	(68, 726)	TU726.9281	(41,804)	(845,715)
Expenditure not allowable for income tax purposes	8.454	7.438	8.454	7012
Income tax expense related to current and deferred tax transoctions of the wholly owned subsidiaries in the tax consolidation group				(306,627)
Inspairment loss/(reversal)	(331,004)	331.004	[331,004]	331.004
Share of loss of associate	195.205
Share based payments	164,795	111,186	164.795	111-186
Non-deductible loss on disposal of controlled entity.		78.355		104.195
Deferred tax assets not brought to account as realisation is not regarded os probable	31.276	598.945	199.559	598.945
Income tax expense reported in the income statement

4. INCOME TAX (Continued)

	2006	2005
Deferred income tax
Deferred income fax at 30 june relates to the following:
Consolidated
Defeared try fightfiles
Copitalised exploration and evoluation expenditure	773.1289	138.534
Recognition of lasses to offset taxable income	73.128	138,534
Dalamed tox osseis
tosses avoitable to offset against future toxoble income	1.313.449	1.075.080
Recognition of losses to offset future taxable income	[73, 128]	138.534
Provision for employee entitlements	6.604	5.172
Deferred fax assets not brought to occount os realisation is not regarded as probable	0.246.925)	11.218.7861
Deferred income tax
Deferred income fax at 30 June relates to the following:
Dalamed fox osseis
losses avoilable to offset against future toxoble income	1.269.953	1.075.080
Recognition of lasses to offset future taxable income
Provision for employee entitlements	6.604	5.172
Deferred fax assets not brought to account as realisation is not regarded as probable	11.276.5573	0.080.2521

The Group has tax losses arising in Australia of \$4,447,480 (2005: \$3,583,601) that are ovailable indefinitely. The Group has recognised a deferred income tax asset in relation to these losses only to the extent they offset deferred tox liabilities. For the balance realisation of the benefit is not regarded as probable.

Tax consolidation

Effective from incorporation, for the purposes of income taxation Tennant Creek Gold Limited and its subsidiaries hove not entered into a tox shoring arrangement.

5. EARNINGS PER SHARE

The calculation of basic earnings per share for the year ended 30 June 2006 was based on the loss ottributable to ordinary shareholders of \$229.085 (2005;loss \$3.756.427) and a weighted overage number of ordinary shares in issue during the year ended 30 June 2006 of 89,998,277 $[2005, 69, 997, 448]$

Loss attributable to ordinary shareholders

and the contract of the contract of $\sim$ 2006 $\sim$ 2006 $\sim$ 2006 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$ 2010 $\sim$
. The contract of the contract of the contract of $\mathcal S$ and $\mathcal S$ and $\mathcal S$ are contract of the contract of the contract of $\mathcal S$
loss for the period.
loss ottributoble to ordinary shareholders.

Weighted average number of ordinary shares

The Constitution of the Constitution of the Constitution of the Constitution of the Constitution of the Constitution of the Constitution of the Constitution of the Constitution of the Constitution of the Constitution of t .
Monters Monte Monte Monte Monte Monte Monte Monte Monte Monte Monte Monte Monte Monte Monte Monte M
Number of ordinary shores at 1 July	82978.270	53.478.270
Filaci of shores issued.	7020 AOZ	16.539.178.
Weighted average number of ordinary shares at 30 june.	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	67.YYZ 448

Tennant Greek Gold Liminin

5. EARNINGS PER SHARE (Continued)

At bolance sheet date the following options not yet exercised:

Exercise Date Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract 1990年1月1日,1月1日,1月1日,1月1日,1月1日,1月1日,1月1日,1月1日
-7000.000 (un\$stedH	- 30 April 2007 -	-80.32
$-2,000,000$ (calisted) $-$	-31 May 2007.	80 I.S
-62.463.422 (listed).	-31 May 2007.	SO 15.

Potential ordinary shores are not considered dilutive as their conversion does not show an inferior view of the earnings performance of the company. Accordingly diluted earnings per share is the same as the basic earnings per share.

6. SEGMENT REPORTING

Segment results, assets and liabilities include items directly attributable to a segment as well as those that con be allocated on a reasonable basis. Unallocated items mainly comprise corporate assets and expenses.

Business Segments

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

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	Exploration and development on tenements

Geographical segments

The consolidated entity's business segments all operate in Australia.

		Exploration investments	Himisphore	en et
chancry Reporting
Business Seqments	S	Ś.	Š	\$
2006
Revenue
External segment revenue	688.704	323.415		1,012,119
Total segment revenue	688,704	323,415		1,012.139
Other unaltacated revenue				156,608
Total revenue				1.168,727
Result
Segment result	631.430	80.083		711,513
Loss of associates				(650,682)
Unallocated corporate experises				(289,916)
Loss from ordinary activities before income tax				[229,085]
Income lax expense
Net profit/(foss)				1229.0851
Depreciation and amortisation
Unallocated corporate depreciation and anortisation				44.115
Reversal of loss of associate		1,103,347		1,103,347
Assets
Segment assets	5.694.368	4.164.864	[2,358,288]	7,500,744
Unallocated corporate assets				4,918,771
Consolidated total assets				12,491,515
Lighifities
Segment kobikties	313,027	(1,674.930)	3,579,835	217,932
Unallocated corporate liabilities				(428,730)
Consolidated total liabilities				(210,798)

6. SEGMENT REPORTING (Continued)

		äxploration investments Elminations Estat
minary kaparting Business Seamants	ď.	1	ď,	T.
2005
Revence
External segment revenue	261,088	1,328,021		1,589,109
Total segment revenue	261.088	1,328,021
Other unallocated revenue				4,050
โotal revenue				1,593,159
Result
Segment result	(817,318)	[1,364,529]		(2, 181, 847)
Unallocated corporate expenses				[1,574,580]
toss from ordinary activities before income tax				(3,756,427)
Income fax expense
Net profit/(loss)				(3,756,427)
Depreciation and amortisation	87.495			87,495
Unallocated corporate depreciation and amortisation				42,327
				129,822
Individually significant items
Exploration expenditure written off	54,274			54,274
Net loss on disposal of controlled entity		261,182		261,182
Write down in exploration costs to recoverable CIRCOUN	1.024.132			1,024,132
impairment loss of associate		1,103,347		1,103,347
				2,442,935
Assets
Segment assets	4,393,373	1,863,668		6,257,041
Unallocated corporate assets				2,228,944
Consolidated total assets				8,485,985
tiabilities
Segment liabilities
Unallocated corporate liabilities				327,712
Consolidated total liabilities				327,732

7. CASH AND CASH EQUIVALENTS

		Example Consolidated Contract of the Company Consolidated
ا 1005 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں اس بات 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004 میں 1004
$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$
	3 257332	-480,702-	3 253 356.	238,638
Bank short term deposits	70 OO O	ZG 000	70 OOO	70 OOO
				638

The bank short term deposits, maturing within 90 days and poying interest at a weighted average interest rate of 5.40% at 30 June 2006 (2005: 5.30%).

Tennani Greek Gold Luinin

8. TRADE AND OTHER RECEIVABLES

		Consolidated The Company
	Note.	-2006	---------------------------------------	2006.	-2005
				$\mathbf{I}$
Current
Trade and other receivables		81.598	19.481	71.723
GST receivables		62.864	412.131	43.278	345,879
		144.462	431.632	114.999	345.879
Non current
Trade and ather receivables.	30 (a)	14.451
Looris to controlled entities				1.626.203	1,776.729
Impairment loss				11,626,203).	(1.776.729)
		14,451

9. OTHER FINANCIAL ASSETS

		Karakatan Muhimmoo ka Karakat
	Nate	2006	2005	2006	2005
		S	S	S
(a) Nomcurrent
investments in controlled entities	25
Unlisted shares at cost				2,492.261	2,492.261
Less: impoirment				(835,938)	(835,938)
				1,656,323	1,656,323
Investments in other entities
Associated entities at cost				4.164.864	3.023.012
Less: impoirment					(1,103,347)
				4.164.864	1,919,665
				5.821.187	3 575 988
(b) Non-current
Investments accounted for using the equity. method
Botavia Mining Ltd	26	3057831	2.023.424
Less impairment			11,103,3471
		3,057,831	920,077
Thor Mining PLC	26	681,959	1,029,726
		3.739.790	1,949.803

10. OTHER CURRENT ASSETS

		Constituted The Company
2006 2005 2006 2006 2006 2005
the contract of the contract of the contract of the contract of the contract of the contract of the contract of		$\ddot{\phantom{a}}$
	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

11. PLANT & EQUIPMENT

		Consolidated The Company The Company
a sa mga magaalang na mga mga mga mga mga mga mga mga mga mg	200 6	2005	2006	2005
	ğ.	S	S ULLUMANIN KUNING	$\mathfrak{g}$
Leasehold Improvements
Balance at 1 july	22,736	20,566	22,736	20,566
Additions		2,170		2,170
Disposols
Balance at 30 June	22,736	22,736	22,736	22,736
Plant and equipment
Balance at 1 july	229,688	189,202	221,738	187,470
Additions	57,075	42,582	57,075	36,364
Disposols		[2,096]		[2,096]
Balance at 30 June	286,763	229,688	278,813.	221,738
Motor vehicle under lease
Bakmee at 1 fuly	38,259	38,259	38,259	38,259
Additions
Disposols
Write-off		(690)		(690)
Balance of 30 June	38,259	37.569	38,259	37,569
Accumulated Depreciation
Leasehold Improvements
Balance at 1 july	20,566	20,566	20,566	20,566
Depreciation charge for the year	2,170		2,170
Balance at 30 June	22,736	20,566	22,736	20,566
Plant and equipment
Balance at 1 July	148,034	117,807	145,201	116,939
Depreciation charge for the year	34,771	30,227	33,507	28,262
Balance at 30 June	182,805	148,034	178,708	145,201
Motor vehicle under lease
Balance at 1 july	8,875		8,875
Depreciation charge for the year	7174 16,049	8,875 8,875	7,174 16,049	8,875 8,875
Balance at 30 June Carrying Amounts
Leasehold improvements
Al Ejaly	2,370		2,370
At 30 June		2,170		2370
Plant and equipment
Al Ljuly	81,654	71,395	76,537	70,531
At 30 June	103,958	81,654	100,105	76,537
Motor vehicle under lease
Al I July	29,384	38,259	29,384	38,259
At 30 June	22,210	28,694	22,210	28,694
Total	126,168	112,518	122,315	107,401

Tennant Creek Gold in Mirib

12. EXPLORATION, EVALUATION AND DEVELOPMENT EXPENDITURE

			Experiment Consolidated Company Company Company
	2006.		112006	2005
	S.	S	J.	S.
Cost
Bolance At 1 July	5,620,845	3.287.438
Exploration expenditure	705.541	-4.333.427
Bolance at 30 june	6.326.386	5,620.845
Amortisation
Bolance at 1 July	1.227.472	115.845
Amerisation		87.495
Write off		1.024.132
Bolance at 30 june	1.227.472	1.227.472
Carrying Value
Al TJoly	4.393.373	1.171.573
Al 30 lune	5,098,914	4,393,373

The ultimate recoupment of casts carried forward for exploration and evaluation phases is dependent on the successful development and commercial exploitation or sale of the respective areas.

Valuation

An independent voluation was carried out in January 2000 by Continental Resource Management Pty Ltd (CRAN) using the Prospectivity Enhancement Multiplier method, which is based on previous exploration expenditure, In the case of Cawse Extended this is the yordslick or the comparative deal method. The Cawse Extended valuation was also cross checked against the discounted in situ contained metal value of the tenement. The Directors are of the opinion that this basis provides a reasonable estimate of recoverable amount.

In June 2002 CRM provided an updated valuation of Cowse Extended. CRM concluded that the value of Cawse Extended falls within the range of \$4,800,000 to \$8,600,000, with a preferred value of \$7,200,000.

In June 2006 the Company commissioned CRM to provide a further updated voluotion report. This updated report takes into consideration the mining that hos occurred at Unicorn, additional drilling at Cawse Extended and changes to the price of nickel. The in situ contained metal method has been used to estimate the value of the contained metal within the pit shells and farms the range of values for the valuation. An alternate method of valuation was to calculate the potential rayally due based on the same arrangement as for the Unicorn pit. CRM's preferred value for the Compony's 20% interest in Cawse Extended is \$4,200,000, which is in excess of its corrying value of \$3,675,000.

13. TRADE AND OTHER PAYABLES

Consolidated Construction Consolidated Consolidate Company
$2005$ $2005$ $2006$ $200$
$\begin{array}{cccccccccccccc} & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & &$
Trade payables C	58.166	55.363
	101.119	30 AB
	-----------------------------

14. INTEREST BEARING LIABILITIES

WARRING CONTROLLER CONTROLLER CONTROLLER CONTROLLER CONTROLLER CONTROLLER CONTROLLER
2006 2005 2006 2006 2005 2005 2005
and the contract of the contract of the contract of the contract of the contract of the contract of the contract of
tease tiability. . .	.
738 hOlDrhliy	8333333333333333333333333333333333333

15. NON INTEREST BEARING LIABILITIES

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
2006 2005 2006 2006 2006 2005
$N_{\rm O16}$ $S_{\rm O16}$ $S_{\rm O16}$ $S_{\rm O16}$ $S_{\rm O16}$ $S_{\rm O16}$ $S_{\rm O16}$
Other foans – controlled entities	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

16. PROVISIONS

		Consolidated The Company
2006 2006 2005 2006 2006 2006 2007 2008 2008 2008 2008 2008 2008 2008
$\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ and $\frac{1}{2}$ a
cmployee provisions .
Corrent
Balance at 1 July	17.241	32.SSA	17 Z41
Provisions made during the year.	A 777	715,315E	A 770
Balance at 30 June	ZZ	17 7.6°

17. ISSUED CAPITAL

			Consolidated Company The Company
	2004	2004	2004	-2005
		÷.	S	s
Issued and paid-up share capital 100.628.983 (2005:82.978.270) ordinary shares, fully paid.	9,346,022	6.581.394	9,346,022	6.581.394
	Number	\$	Number	Ъ.
(a) Movements in shares on issue
Balance at the beginning of year	82,978,270	6.581.394	53,478,270	3 471 866
Shore plocement			6,000,000	600.000
Consideration for acquisition of Tennant Creek Gold (NT) Pty tid			10,000,000	1,200,000
Share Placement	4,000,000	1,000,000	13,500,000	1,350,000
Options Exercised	13.650.733	1,852,606
Shore issue costs		(87978)		(40,472)
Balance at end of year	100,628,983	9.346.022	82.978.270	6,581,394

Tennant Greek Gold in Minh

17. ISSUED CAPITAL (Continued)

Terms and conditions of contributed equity

Holders of ordinary shares are entitled to receive dividends as declored from time to time and are entitled to one vote per share at shareholders' meetings.

In the event of winding up of the Company, ordinary shareholders rank after all other shareholders and creditors and are fully entitled to any proceeds from liquidation.

Effective 1 July 1998, the Company Law Review Act abolished the concept of par value shares and authorised capital. Accordinaly, the Company does not have authorised capital or par value in respect of its issued shares.

18. OPTIONS

(a) Pro Rata Offer of 2007 Options

The Company issued a prospectus dated 1.5 March 2006 for a provata offer of 2007 Options (TNGO). expiring 31 May 2007 exercisable at \$0.15, at an issue price of \$0.02 per option to eligible shareholders. on the basis of one 2007 Option (TNGO) for every two shares held at the record dote. At offer close of 7 April 2006, acceptances of 42,377,228 were received raising \$847,545. As the offer wos fully underwritten, the shortfoll of 7,686,907 options equal to \$1.55,825 was placed with the underwriters.

(b) Options on issue

a sa kacamatan ing Kabupatèn Kabupatèn Kabupatèn Kabupatèn Kabupatèn Kabupatèn Kabupatèn Kabupatèn Kabupatèn K Equipment and the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company of the company
e Dote (1992) - Participa Price (1990) - 2006 - 2005 - 2005 - 2005
30 April 2007 (unlisted).	80 B	7.000.000	13.500.000.
31 Mov 2007 (fisted).	RO 35	62.463.422
31 May 2007 (unlisted)	-80 IS	2.000.000	15 600 000

Terms and conditions of options Share options corry no rights to dividends and no voting rights.

19. RESERVES

ست 2006 − 2006 − 2006 − 200 6 − 2005 − 200 6 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 − 200 5 −
. The contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contrac
-horeign currency translation reserve (i).
Dption reserve III)
Balance at 30 june

(i) This reserve is the share of the foreign currency translation reserve as a result of the equity accounting of Thor Mining PLC.

(ii) Rights options issue at \$0.02 per option. Refer to note 18.

20. DIVIDENDS

No dividends were declared or paid during the 2006 financial year.

.
$2006$ and $2006$ and $2006$ and $2006$
. The contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contrac
-credits ovailable to shareholders of Tennant Creek Gold tid Sept 1 for subsequent financial vears.	ニヨアド

The above ovailable amounts are based on the balance of the dividend franking account at year end adjusted for franking credits that the entity may be prevented from distributing in subsequent years.

The ability to utilise the franking credits is dependent upon there being sufficient available profits to declare the dividends i

A finila al Report 2006

21. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURE

(a) Significant accounting policies

The Group's principal financial instruments comprise finance leases, cash and short-term deposits.

The main purpose of these financial instruments is to fund capital expenditure for the Group's operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which orise directly from its operations. It is, and has been throughout the period under review, the Group's policy that no tradina in financial instruments shall be undertaken.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 1 to the financial statements.

(b) Interest rate risk

Interest rale risk exposures

The consolidated entity's exposure to interest rate risk and the effective weighted average interest rate for classes of interest bearing financial assets and financial liabifities is set out below:

المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم المستخدم ال
CONSOLIDATED	Eilechve Interest RGTC 20
		\$	< Year violed Years 1	J.
Financial Assets
Fixed Rate
Term deposits	5.40	70,000		70,000
Floating Rote
Cosh	5.40	3,257,132		3,257,132
Financial Liabilities
Fixed Rate
Interest bearing liabilities	7.09	(6, 846)	122,652)	129,498)
30 June 2005 . In the United States of the United States of the Materiage Contract of Total United States of the United States of Total United States of Total United States of Total United States of Total United States of
consolidato	Engelwe niensk kate %		s year will to <2 Years
			J.
Financial Assets
Fixed Rate
Term deposits	5.30	70,000		70,000
Floating Rote
Cosh	4.10	1,480,702		1,480,702
Financial Liabilities

Tennant Greek Gold Liminin

21. ADDITIONAL FINANCIAL INSTRUMENTS DISCLOSURE (Continued)

(c) Net fair values of financial assets and liabilities

1989 - Johann Stoff, Amerikaansk politiker (d. 1989)			Cansolidated Infinition and Infinition
	2006		2002
	Carryna Amount S.	Fair Volue S.	Corrwag Anount S	Fold Volue S
Recognised financial instruments
The corrying amounts and net fair values of financial ossets and liabilities as at the reporting date are as follows:
Financial assets
Cash assets	3,257,132	3,257,132	1,480,702	1,480,702
Interest bearing deposits	70,000	70,000	70,000	70,000
Trade Receivables	144.462	144.462	431.612	431.612
Other financial assets:
Investments in associated companies ~ listed	3.739.790	7.052.808	1,949,803	5160.359
Financial liabilities
Trade Poyables	159,285	159,285	274,594	274,594
Lease liability	29.498	29.498	35.877	35,877

Valuation approach

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

Recognised financial instruments

The net fair value of listed shares are determined by valuing them of the current quoted market bid price adjusted for transaction costs necessary to realise the asset.

Finance lease liabilities

The fair volue estimated as the present value of future cash flows, discounted at market interest rates for homogeneous lease agreements. The estimated foir values reflect change in interest rates.

(d) Liquidity risk management

At the balance sheet the consolidated entity manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and motching the maturity profiles of financial assets and liabilities.

(e) Credit Risk

At the balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments, in the balance^' sheet.

ABALLA ARSIDA HUDADIA

22. COMMITMENTS

Exploration expenditure commitments

In order to maintain current rights of tenure to exploration tenements, the Company and the consolidated entity ore required to perform minimum exploration work to meet the minimum expenditure requirements specified by various State governments. These abligations are subject to renegationion when application for a mining fease is made and at other times. These obligations are not provided for in the financial report.

. Consolidates			a de la componente de la componente de
	2006	2005	2006.	2005
			J.
Exploration commitments not provided for in the knoncial report payable:
Within one year	52,527	27,840
Finance lease commitments
Finance lease commitments are payable as follows:
Within one year	8.719	-8.719	8.719	8.719
One year or later and no tater than 5 years	41,461	50,180	41.461	50,180
Total minimum lease payments	50,180	58.899	50.180	58,899
tess: future lease financial changes	(20,682)	[23,022]	(20,682)	(23,022)
Present value of minimum lease payments	29,498	35,877	29,498	35,877
tease liabilities provided for in the financial siglements:
Current	6,846	6.379	6,846	6,379
Non-current	22.652	29.498	22.652	29.498
Total lease liability	29.498	35.877	29.498	35.877

23. CONTINGENT LIABILITIES

The details and estimated maximum amounts of contingent liabilities that may become payable are set out below. The Directors are not aware of any circumstance or information which could lead them to believe that these liobilities will crystallise and consequently no provisions are included in the financial statements in respect of these motters.

	Conceit of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of t
	2005 2006 2006 2005
	ß,
Lifigation
Constructive trust claim over the Kanowna Securities. Refer below.	277000	277000	277000	277000
Guarantees
A guarantee has been provided to support unconditional environmental performance bonds	70.000	70.000	70.000	70.000
Indemnities
Indemnities have been provided to Directors and certain executive officers of the Company in respect of liabilities to third parties arising from their positions, except where the liability arises out of conduct involving a lack of good faith. No monetary fimit applies to these agreements and there are no known obligations cutstanding at 30 june 2006.
Total estimated contingent liabilities	347,000	347.000	347.000	34Z000

Tennant Greek Gold undirib

23. CONTINGENT LIABILITIES (Continued)

Constructive Trust Claim

Resolution of matters arising from 1998.

In the period September to December 1998 management control of Tennant Creek Gold was held by interests associated with Davis Samuel Pty Ltd (Davis Samuel). The Dovis Samuel nominee directors committed Tennant Creek Gold to a series of transoctions involving expenditure totalling \$1,526,000. The Australian Stock Exchange Ltd (ASX) ruled that the transactions required shareholder approval. Shareholders subsequently 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 repoyment of the funds expended, and Tennant Creek Gold would in turn transfer its shares and options in Kanowna Lights Limited (the Kanowna Securities) to Davis Samuel.

The Commonwealth of Australia (the Commonwealth) in proceedings in the Supreme Court of the Australian Capital Territory claimed that it was entitled to a constructive trust over the Konowno Securities and obtained an injunction preventing Tennant Creek Gold from selling or otherwise disposing of them. The Commonwealth has claimed that as constructive trustee, the Commonwealth claims Tennant Creek Gold is liable to account for the market value of the shores at the time they were acquired. The Commonwealth gave an undertaking as to damages.

Subsequently, in September 1999, Davis Samuel purported to rescind the December 1998 Settlement Agreement.

The Commonwealth is an notice that if Tennant Creek Gold suffers damages as a result of the Commonwealth's injunction, and the Commonwealth ultimately fails to prove its constructive trust claim, Tennont Creek Gold will claim the damages from the Commonwealth.

Legal action against Davis Samuel

Tennant Creek Gold, as a party to the proceedings instituted by the Commonwealth, issued cross-claims against Davis Samuel and several other parties including Messrs Allan Endresz, Peter Cain, William Forge, David Muir and Peter Clark

24. DEED OF CROSS GUARANTEE

Pursuant to ASIC Class Order 98/1418 (as amended) dated 13 August 1998 the wholly owned subsidiaries listed below are relieved from the Corporations Act 2001 requirements for preparation, audit and fodgement of financial reports and directors reports.

It is a condition of the Class Order that the Company and each of the subsidiaries enter into a Deed of Cross Guarantee. The effect of the Deed is that the Company guarantees to each creditor payment in full of any debt in the event of winding up of any of the subsidiaries under certain pravisions of the Corporations Act 2001. If a winding up occurs under other provisions of the Act 2001, the Company will only be liable in the event that after six months any creditor has not been paid in full. The subsidiaries have also given similar quarantees in the event that the Company is wound up.

The subsidiaries subject to the Deed ore Connavaht Mining NI, and Enjama Mining Limited.

In accordance with the terms of the Class Order a consolidated income statement and consolidated balance sheet comprising the entities that are party to the Deed should be disclosed.

A RADA RAMAN SALAMAN MANAGERIA

24. DEED OF CROSS GUARANTEE (Continued)

A consolidated income statement and consolidated balance sheet, comprising the Company and subsidiaries which are a party to the Deed, after eliminating all transactions between parties to the Deed of Cross Guarantee, of 30 June 2006 is set out below.

		Consolidated Hill Hill
	2006	$200\%$
. The contract of the contract of the contract of $\mathcal S$ , and $\mathcal S$
Income Statement
loss before income tax	(186, 393)	(3.674.208)
Income tax benefit
Loss after related income tax expense	(186,393)	(3,674,208)
loss	(186, 393)	(3,674,208)
Retained earnings at beginning of year	1,659,100	4,962,688
Shore based payment expense	549,317	370,620
Retained earnings at end of year	2,022,024	1,659,100
Balance Sheet
Cosh assets	3,323,629	1,537,063
Trode and other receivables	125,376	404,164
Other assets	39,740	29,421
Total current assets	3,488,745	1,970,648
Trode and other receivables
Other financial assets	5,608,092	3,206,126
Plorit & equipment	122,315	107,921
Exploration and evoluation expenditure	3,677,459	3,695,084
Total non-current assets	9,407,866	7,009,131
Total assets	12,896,611	8,979,779
Trode and other payables	85.467	274,593
Interest-bearing liabilities	6,846	6,379
Provisions	22,013	17,243
Total current liabilities	114,326	298,213
listerest-bearing liabilities	22,652	29,498
Amounts owing to controlled entity	388,217	411,574
Total non-current liabilities	410,869	441,072
Total liabilities	525,195	739,285
Net assets	12,371,416	8,240,494
Issued copilal	9,346,022	6,581,394
Reserves	1,003,370
Retained earnings	2,022,024	1,659,100
Total Equity	12,371,416	8,240,494

25. CONSOLIDATED ENTITIES

Country of 2006 و Country of 2006 و Country of 2006 و Country of 2008 و Country of 2008 Acomponistion - "An of Ownership % of Ownership" و http://www.ship % of Ownership % of Ownership & Safe Ownership
(a) Parent - Tennant Creek Gold Limited
Subsidiarios
Connaught Mining Nt	Australia	100	100
Enigma Mining Limited	Australia	100	100
Tennant Creek Gold (NT) Pty tid	Australia	100	100
Sandy Creek Mining Pty Ltd	Australia	100	100

Tennant Greek Gold Luinin

25. CONSOLIDATED ENTITIES (Continued)

(b) Acquisition/disposal of controlled entities

		Conselidated Hill Hill Hill
	2006 ********	2005
	\$
Acquisitions of entities
During the previous financial year, the consolidated entity acquired of all the ordinary shares of Teanant Creek Gold (NT) Pty Ltd. Sunsphere Pty Ltd and Sandy Creek Pty Ltd. Details of the acquisitions are as follows (in aggregate):
Consideration (cash)		2
Consideration fron cash)		1,200,000
Total consideration		1,200,002
fair value of assets of entities acquired:
Cash		16,716
Plant and equipment		2,849
Receivables		3.208
Miseral exploration		1,301,406
Loops		[121, 443]
Trade creditors		(2,734)
		1,200,002
Disposal of entity
Dyring the previous higorycial year, the consolidated entity dispassed of its interest in a wholfy owned controlled entify Sunsphere Pty Ltd, in exchange for cash and shares to give it a 24.8% interest in Thor Mining PIC, which became an associated entity. Details of the disposol are:
Consideration (cosh)		605,327
Consideration (non-cash)		669,249
Less carrying amount of disposal		(2,018,300)
Less retained interest		482,542
Loss on disposal		1261,3821
Natiossals of entities disposed of:
Cash		20
Plant and equipment		185.000
Mineral exploration		1,877,209
Loans		(43.929)
		2,018,300

Details of investments in associates

Thor Mining PLC

In 2005 the Company acquired 45,000,000 shares in Thor Mining PLC pursuant to the sale of Sunsphere Pty Ud to Thor Mining PLC. Thor Mining PLC subsequently completed a placement of 81,675,000 shares as part of its Admission to AIM. The Company's shareholding on completion of the AIM admission was 24.8% of the issued capital of Thar Mining PtC. In May 2006 Thar Mining PtC completed a placement of 10,000,000 shares dilating the shareholding to 23.5%.

On 22 September 2006 Thor completed at \$10.0 million IPO and listed on the ASX via the issue of 50 million shares at $\overline{20}$ cents per share. That also completed a share consolidation on a 1 for 3 basis and issued 16 million shares for the acquisition of the portfolio of Uranium tenements. As a result the company's shareholding hos reduced to 12%.

Mr Borr is the Executive Chairman of Thor Mining PtC.

The Company has adopted the equity method of accounting for its investment in Thor Mining PLC in accordance with AASB 128.

26. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Continued)

Batavia Mining Limited

The consolidated entity previously equity accounted its investment in Batavia Mining Limited (Batavia), however the use of the equity method was discontinued from 1.3 February 2004 in respect of the consolidated entity's interest in Batavia due to the inability of the consolidated entity to exercise significant influence over the company.

In 2005 the Company participated in a pro-rata rights issue undertaken by Batovio that resulted in the Company's shareholding increasing to 20.51%. In July 2005 Batavia Mining issued additional shares and in May 2006 issued a further pro-rata rights this has reduced the company's holding to 13.04%. As at 30 June 2006 two directors of Tennont Creek Gold Limited, Messrs Smith and Biddle were on the board of Batavia Mining Ltd and os a result Tennant Creek Gold Ltd exercised significant influence. Accordingly the company continues to adopt the equity method of accounting for its investment in Batavia in accordance with AASB 128.

	ficksorpro) 20123	George Str dispossibiliter			________
				30 June 2006		30 June 2006 Date of his report
Thos Mining PLC	Mining exploration and development in Australia	UK.	30 lune	23.48%	24.80%	12.00%
Botavia Mining Itd	Mining exploration and development	Australio	30 june	13.04%	20.51%	14.19%
Competibilities	2006 Mining PLC Mining PLC Limited Mining PLC Limited Manifest PLC Limited Manifest PLC Limited Manifest PLC Limited				The Convertible of the Barbara $\mathcal{S}$ , and a set $\mathcal{S}$ , and a set $\mathcal{S}$ , and $\mathcal{S}$ , and $\mathcal{S}$ , and $\mathcal{S}$
Revenue (100%)					185.017	185,017
$ 200\% $				(1,626,831)	(1.678.940)	(3,305,771)
Shore of ossociate lass				[381,980]	(268, 702)	(650,682)
Total assets (100%)				4,912.324	20,052,543	24.964.867
Total liabilities (100%)				(217,338)	(1,140,408)	(1,357,746)
Net assets				4,694,986	18,912,135	23,607,121
	Shore of associates Net assets-equity accounted			681,959	2,993,480	3,675,439
	Results of associate before and after income tax			(381,980)	(268,702)	(650,682)
Characteries	2005 Minister Market Minister Minister Minister Minister (1998)				the betweening $\Phi$ and a set of $\Phi$ and $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$ are $\Phi$ and $\Phi$
Total assets (100%)				5,658,736	5,737,902	11,396,638
Total liabilities (100%)				[16,490]	${137,242}$	[153,732]
Net ossets				5,642,246	5,600,660	11,242,906
	Shore of associates Net assets-equity accounted			1,029,726	920,077	1,949,803
was not material in noture.	The results of these associated entities for the year ended 30 June 2005 have not been equity occounted as the amount
	Exploration and feasing commitments of associates				223.274

Thor Mining PLC has not recorded any contingent liabilities or commitments for 2005/2006. However,

(a) Exploration commitments

Ongoing exploration expenditure is required to maintain title to Thor Mining mineral exploration permits. No provision hos been made in Thor Mining as the expenditure is expected to be fulfilled in the normal course of the operations of Thor Mining.

Tennant Creek Gold Linninh

26. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (Continued)

(b) Claims of native title

That Mining is oware of native title cloims which cover certain tenement and tenement applications in the Northern Territory. That Mining operates in a mode that takes into account the interests of all stakeholders including traditional owners requirements and environmental requirements. At the present date no claims for native title have seriously affected exploration by Thor Mining.

27. NOTES TO THE STATEMENTS OF CASH FLOWS

(a) Reconciliation of cash flows from operating activities

		OCTOBER IN COLOR	The Company
	2006	2006	2006	2005
			A.	Ĵ.
Loss from ordinary activities after income tax	(229, 085)	13,756,427}	1139,346)	(2,819,051)
Add/{less} items classified as investing/financing activities:
Goin/loss on sale of controlled entities		261.180		342.009
(Gain)/Loss on sale of tenements	(941,844)		(557,837)
Gain on sale of investments	(305.349)
Investing fees received	(63, 846)		163,847
Loss on sale of non-current asset		1644		1 644
Add/(less) noiveash items:
Depreciation and amortisation	44315	127.287	42.851	37828
Write off of Plant and Equipment	690		690
Share based payments	549.317	370,620	549.317	370.620
Reversal of Associate Diminution	8.103.3479	1,103,347	8.103.3475	1.125.694
Inspairment loans to controlled entities
Share of loss in Associates	650,682
Write down in exploration costs		1.024.132
foreign exchanges loss/(gain)	TUS423	8.891	TE 542)	8.891
Exploration expenditure written off		54.274		20 17 1
	11.400.2098	805.052	8.273.068	(912.194)
Change in assets and liabilities:
Increase/(decrease) in current poyables, borrowing and provisions	(110, 535)	(44, 478)	(184.459)	(43,912)
(Increase)/decrease in current receivables	343.337	178.787	220.561	197,031
Net cash used in operating activities	11367,4073	(670,743)	11:236.9591	1759,075)

(b) Non-cash financing and investing activities

In July 2004 the Company issued 10,000,000 ordinary shares at a deemed issue price of \$0.12 os consideration for the acquisition of all the issued shares in Tennant Creek Gold (NT) Pty Ltd.

In May 2005 the Compony sold all the shares held in its wholly owned subsidiary, Sunsphere Ply Ltd, for 45,000,000 shares in Thor Mining PLC and cash of £250,000, with £125,000 (\$293,772) received prior to 30 June 2005 and £125,000 received in July 2005.

28. EMPLOYEE BENEFITS

		1989 - Consider Amerikaanse konstantinopoli
1005 - 2005 - 2006 - 2006 - 2008 - 2008 - 2009 - 2009 - 2009 - 2009 - 2009 - 2009 - 2009 - 2009 - 2009 - 200
		$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$
Aggregate kability for employee benelits. including on costs
Conent
Employee benefits provision.	łó	22.013	241	22.013

Defined contribution superannuation funds

The consolidated entity contributions to the defined contribution superannuation fund. The amount recognised as on expense was \$14,782 for the financial year ended 30 june 2006 (2005: \$10,483).

Share-based payments

Employee share option plan - Option Series 1

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

Each option issued under the plan is convertible to one ardinary share. Under the rules of the plan the exercise price of the options is as the directors determine, in their absolute discretion, provided that it shall not be less than that amount which is equal to 80% of the overage weighted trading price of the Company's shores in the 5 doys immediately preceding the day on which the directors resolve to offer 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, retirement or retrenchment of that participant.

Summary of options over unissued ordinary shares granted.

The following share-based poyment arrongements under the employee share plans, were in existence during the period:

price and the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the Number Nat Vested Grantidate Expiry-date \$ \$ Perior						and the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contra
8.710,000		28 July 2004	-31 May 2007	\$0.15	\$0.0570.
7100.000		2 June 2005	31 May 2007	\$0.15	\$0.0522
2.950.000	983,333	25 May 2006	33 May 2007	\$0.15	\$0,1010	-October 2006
	983.333					1 Januosy 2007
3.000.000		1 August 2005.	– 31 May 2007	\$0.IS	\$0.1490

¹ Nat isseed eader the Employee Option Scheme at 2004

The fair value of equity share options granted is estimated at the Balance Sheet dates using the Black-Scholes model, taking into account the terms and conditions upon which the options ore granted. The following table lists the inputs to the model used for the years ended 30 June 2006 and 30 June 2005.

ا الـ 1904 - 1908 May 2006 - August 2005 - بارول المسلم المركز المسلم المسلم المسلم المسلم المسلم ال
Dividend yield	0.0%	0.0%	0.0%	0.0%
Underlying Security spot price	\$0.23	\$0.27	\$0.15	\$0.125
Exercise price	\$0.35	\$0.15	\$0.15	\$0.15
Standard deviation of returns	60.00%	-5003%	- S6 12%	70.00%
Risk hee rate	5.64%	-5-2.5%	5.27%
Expiration period	i vear	-2 years.	2 vears	3 years
Black Scholas valuation	\$0,10100	\$0,14900	\$0.05220	\$0,05699

Tennant Greek Gold Liminin

28. EMPLOYEE BENEFITS (Continued)

Reconciliation of movement in employee sharebased options in issue:

					Genealdeadana Cenaguy 2005 - An Indian Amerikaan Amerikaan
Options 301105	Number of options at ocaming of WRONE	Clorions aconted.	Cotions ിലാട്ടെ	Options CARLCIGEC	Number of options of end of year on issue.
	8,500,000			[4, 250, 000]	4,250,000
21	Z100,000			12,400,000)	4,700,000
73		2,950.000			2.950.000
Å,		3,000,000			3,000,000
					Consolidated and Company 2005 [1997] [1997] [1997] [1997] [1997] [1997] [1997] [1997] [1997] [1997] [1997] [19
Oplices SENIES	Number of cipilons al beginning or VOCE	$2$ phons orented	Ophons ിദ്ധാരവ	Oprons: GXOTCISBO	Number of options at end of vectors issue
		8,710,000	(210,000)		8,500,000
		Z100.000			Z100.000

¹ Not issued under the Employee Option Scheme of 2004

Options granted to Directors are disclosed under Note 29.

29. KEY MANAGEMENT PERSONNEL DISCLOSURES

(a) Details of key management personnel

Directors

John W Barr (Chairman) Neil G Biddle (Managing Director) Michael P Bowen (Non-executive Director) Terence N Smith (Non-executive Director)

Executives

Damion P Delaney (Company Secretary, Appointed 4 November 2005). Chris Balh (Compony Secretary, Resigned 30 September 2005) Pedro Kastellorizos (Exploration Manager, Resigned 3 January 2006).

(b) Compensation of key management personnel

Compensation by calegory

		Example 2008 Consolidated The Con
					2005 2006 2006
		. The contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contrac
Key Management Personnel
Short-term			462,905	497.659		462.905	497,659.
Post-employment			14 416	14.868.		14,416	14,868
Share-based payments			47133	370,620		47333	370,620
			-524,454	883,147		524,454	883.147

Information regarding individual directors and executives compensation and some equity disclosure as permitted by Corporations Regulation 2M.03.03 and 2M.6.04 is provided in the Remuneration Report section of the Directors Report on pages 10 to 23.

29. KEY MANAGEMENT PERSONNEL DISCLOSURES (Continued)

(c) Equity instruments

All options reler to options over ordinary shares of Tennont Creek Gold Limited, which are exercisable on a one for one basis as approved by shareholders.

Options and rights over equity instruments

During the reporting period, the following options over ordinary shares were granted to directors and executives and approved by shareholders.

During the 2006 financial year 1,400,000 options were issued outside the Tennant Creek Gold Limited 2004 Employee and Consultant Option Scheme to directors and executives and do not expire on the director or executive ceasing to be a director or employee.

These options were approved by shareholders on 1 March 2006 of the general meeting.

The movement during the reporting period in the number of options over ordinary shares in Tennant Creek Gold held, directly, indirectly or beneficially, by each key monogement personnel, including their personally related entities, is as follows:

Movements in Options

assar
200 yuuni Granted as Communication ä,

Directors.
John W Barr	3,000,000		3,799,999	11,700.0001	5.099.999	5,099,999
Neil G Biddle	5,000,000		4.169,642	71,500,0001	7.669.642	7,669,642
Michael P Bowen	1.750.000		1.085.088	1650.0001	2.385.088	2385.088
Terence N Smith	2000000		1.510.087		3,510,087	3 510 087
Executives
Danian P Deloney?	$\cdots$	1,400,000			1,400,000.	466.667
Chris Bailt!	2,000,000		1800.0001	11.200.000F
Pedro Kastellorizos 3	200.000			-1200-0001

Resigned 30 September 2005

² Resigned 3 January 2006

.
- ^ Аррониеd Company Secretary 4 November 200.5
- ^ Acquired as o result of рагваравал in copital raising daring the year.

en de la provincia de la provincia de la provincia de la provincia de la provincia de la provincia de la provi e e de de la de la de la de la de la de la de la de la de la de la de la de la de la de la de la de la de la d iuly 2004 Remuneration Other Changes" Exercised 30 June 2005 (30 June 2005 بالنذر المستخدمة المستخدمة
Directors
John W Borr		3,000,000		3,000,000	3,000,000
Nail G Biddle		5,000,000		5,000,000	5,000,000
Michael P Bowen		2,000,000	1250.0008	1.750.000	1,750,000
Tarance N Smith		2,000,000		2,000,000	2,000,000
Executives
Chas Bash!	$\mathbf{a}$	2,000.000		2,000,000	2,000,000
Padro Kastellorizos?		200.000		200.000	200.000

Tennant Greek Gold Liminin

¹ Resigned 30 September 2005
⁷ Resigned 3 January 2006

³ Options granted to a nominee of Michael P Bowen

29. KEY MANAGEMENT PERSONNEL DISCLOSURES (Continued)

(c) Equity instruments (continued)

933,333 options issued May 2006 are held by directors or executives ore granted but not vested.

No options issued to key management personnel during the financial year were made in accordance with the provisions of the employee shore option plan (refer to Note 28).

No amounts remain unpoid on the options exercised during the financial year at year end.

Equity holdings and transactions

The movement during the reporting period in the number of ordinary shares of Tennant Creek Gold timited held, directly, indirectly or beneficially, by each key monagement personnel, including their personally-related entities is as follows:

Received Held at a mexercise on exercise Huly 2005 Purchases of options Sales Other 30 June 2006 کاربرا ا
Directors
John W Barr	9,000,000		1,700,000	12,000,0001		8,700,000
Neil G Biddle	6,263,372	-25.000	1,500,000	(2,026,504)		5.761.868
Michael P Bowen	793.747		650.000	(693,745)		750,002
Tegence N Smith	1.647016			147,0161		1,600,000
Executives
Damion P Defaney 3
Chris Bath 1	649985		1,200,000	1852,6351	1997,3501
Pedro Kastellorizos?			200.000	(200.000)

¹ Resigned 30 September 2005

² Resigned 3 Jonuary 2006

Appointed Company Secretary 4 November 2005

Received Heldiat Fluily (Prochases of operations Sales 20 2004 Purchases of options Sales 20
Directors
Tohn W.Barr	8,700,000	3.700.000	(3,400,000)	9,000,000
Neil G.Biddle	6,043,372	220,000		6,263,372
Michael P.Bowen	793.747	$\overline{\phantom{a}}$		793.747
Terence N.Smith		1,855,0163	(208,000)	1.647016
Executives
Chris Bath 1	589985	60.000		649985
Pedro Kastellorizas?

¹ Resigned 30 September 2005

Resigned 3 January 2006
Resigned 3 January 2006
Reciped to be coming a Director

(d) Other transactions with key management personnel

A number of key management personnel, or their personally-related entities, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities.

A number of these entities transacted with the Company or its subsidiaries in the reporting period. Their terms and conditions of those transactions were no more tovourable than those available, or which might reasonably be expected to be available, on similar transactions to unrelated entities on an arm's length bosis.

A Rhiu, al Report Leonald

29. KEY MANAGEMENT PERSONNEL DISCLOSURES (Continued)

(d) Other transactions with key management personnel (continued)

The aggregate amounts recognised during the year relating to specified key management personnel and their personally related entities, were total revenue of \$Nil and rotal net expense after reimbursement of office costs of $\$120.892$ (2005: $\$42.337$ ). Details of the transactions ore as follows:

	1998 - Ann an Cathracha ann an Cathracha ann an Cathracha ann an Cathracha ann an Cathracha ann an 2006. *********
	. The contract of the contract of the contract of the contract of $\Lambda$ and $\Lambda$
Specified Directors
John W. Bon	Office costs reimbursed	Ð		13.000)
Neil G. Biddle	Corporate charters	₿ä	38.820	2.300
	Office costs reimbursed	佃用		(3,000)
Michael P. Bowen	tagal laas	(Iv)	81602	43.OZZ
Specified Executives
Chris Bath	Purchosas	ĿΑ	470	2965

[i] The Company invoiced Cavendish Corporation Limited, a company of which Mr John W Barr is a director for the reimbursement of office and administration costs.

(ii) The Company used the services of Hannan Street Corporate Charters, an entity of which Mr Neif G Biddle is a related party.

• (iii) The Company invoiced Biddle Partners Pty Ltd, a company of which Mr Neil G Biddle is a related party for the reimbursement of office and administration casts.
• (iv) The Company used the lead services of Hardy Bowen Lawyers, a lead firm of which Mr Michael P Bowen is a partner.
• (v) The Company purchased beverages from B2 Corporation Pty Ltd trading as Coffeefresh, a company of which Mr Chris Bath is a director.

Amounts were billed based on normal market rates for such services and were due and payable under normal poyment terms.

30. NON KEY MANAGEMENT PERSONNEL DISCLOSURES

(a) Wholly owned group transactions

Details of interests in wholly owned controlled entities are set out in Note 25. Details of these dealings are set out below.

Loans

Loons between entities in the wholly awned group are non-interest bearing, unsecured and are repayable upon reasonable notice having regard to the financial stability of the Company.

Transactions

1975 - Andrea Stadt Germany, Amerikaansk politiker (d. 1985)
$2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and $2006$ and
Balances with entities in the wholly owned group
Receivable ~ non current	1,626,203.	1,776,729.
Provision for non-recovery	11,626,2031	11.776.7291
Payables ~ non-current

TAND AN GRAZIA TAGOLO ALAMA

(b) Other related party transactions

Associates

The Company invoiced to associated entities \$542,452 (2005: \$282,141) for the reimbursement of office and administration costs during the year.

Joint venture operations

The joint venture makes the results of its research and development activities available to the consolidated entity as well as to one of the other joint venturers. No amount is paid by any of the venturers. From time to time, to support the activities of the joint venture, the venturers increase their investment in the joint venture.

			Cionadidated Communications 1989 - Johann Stoff, Amerikaansk politiker (d. 1989)
Fracipal Joint venture party — Joint venture — activities			illianterest v		Exploration expenditure
				2006 2005 2006 2006 PASSIS SUSSISSI SUSSISSI SUOMEN KUULUUSEEN KUULUUSEEN KUULUUSEEN KUULUUSEEN KUULUUSEEN KUULUUSEEN KUULUUSEEN		2005
OMG Group Inc.	Cawse Extended	Nickel/Cobalt	20%	20%
Mines and Resources Australia Pty Ltd	Kintore Eost	r Bolen	23.75%	23.75%

Exploration expenditure represents direct expenditure incurred by the consolidated enlity.

1. IMPACT OF ADOPTING AASB AUSTRALIAN EQUIVALENT TO IFRS (Continued)

b) Other related party transactions (continued)

AfFRS is accoussed for is accordance with Accounting Sandard AASB 1 Trist-line Adoption of Australian Equivalents to restrict and Sandards', with 1 bly 2004 The consolidated entry changed is accounting policies on 1 July 2005 to comply with Australian equivalents financial Reporting Standards (AFRS1). The transition to as the date of transition, except for financial instantents, including derivatives, where the date of transition is 1 July 2005.

An exploration of how the transition from superseded policies to AfRS has affected the company and consolidated entity's Balance sheet, income statement and Cash Flows is set out is the following tables and the notes that accompany the tables

(i) Recondiction of equity as presented under AGAAP to that under AIFRS

			::::::::::: a Angli S	É		3000 ar Ba	zi Al
	ž	h.	0000000 ų5	i I U)	95)	ň	U)
Equity
Issed copiol		3,473,866		3,473,866	6,591,392		6,581,392
Reserves	S	4,653,656	(4,653,656)		4,653,656	(4,653,656)
(Accumulated loses)/Retained earnings	IS.	309,000	4,653,656	4,962,688	13,076,775)	4,653,656	1,576,881
Total Equity	SERVICE CONTROL	8,434,554		8,434,554	8,358.273		8,158,273
		woj UTC
		anni III) Amerika Ŵ				ENGEL
	ž		A أذنيا Ī.	وتوا		SQ USS ON l.
Equity
Issued copital		3.471,866		3.471,866	6.591,394		6.591,394
Reserves	S	Rococo	percent		ROCK	ESSES
(Accumulated losses)/Retained earnings	II.	273,975	70.000	343,975	Q.174,458;	70.000	(2.104,458)
Total Equity		3.815.841		3.815.841	4.476936		4.476936

NOTES TO THE FINANCIAL STATEMENTS

Tennant Creek Gold AAMAMAM

31. IMPACT OF ADOPTING AASB AUSTRALIAN EQUIVALENT TO IFRS (Continued)

(b) Other related party transactions (continued)

(ii) Reconciliation of loss for year ended 2005

6.000000000000000000000000000000000000
			ensa ai Iransılon
	Note	Previous GAAP	id Alfred 30 June 2005	AIRES
		3	Ã.	J.
Other income	c. d	1,593,159	-8,328,0211	265.138
Occupancy casts		(81.702)		$(8)$ , $7021$
Employee benefits expense	Ь	(141.823)	(370,620)	1532.4431
Administrative and corporate costs		(947334)		(947.134)
impairment loss of investment in associates.		11,103,3471		11,103,3471
Amortisation of exploration costs in production phase		187.4951		(87.495)
Loss on sale of controlled entities	Ċ	(1,535,758)	1.274.576	1261.1821
Write off of exploration expenditure		(1,078,406)		(1,078,406)
Borrowing costs	d	(3,301)	3.301
Operating loss before financing income		13,385,8071		(3,806,57T)
Financial income	d		53.445	53.445
Financial expense	d		(3,301)	(3,301)
Net financing income				50,144
Loss belore tax		(3,385,807)	(370,620)	13.756.4271
Income lax experise
Loss for the period		(3,385,807)	(370,620)	(3,756,427)

			checi e trensition
	Naie.	REVISIT GAAP	10 A RA 30 lune 2005	A PRS
Other incorne	c, d	1,749,631	87481011	1.510
Occupancy casts		174,7601		[74,760]
Employee benefits expense.	Ь	(95,073)	1370.6201	465,693)
Administrative and corporate expenses.		1842,258)		(842,256)
Impairment loss of investment in associates		(1,103,347)		(3,103,347)
Amertisation of exploration costs in production phase.
Loss on sale of controlled entities	C	(2.059, 224)	1.694.915	(364, 309)
Write off of exploration expenditure		[20, 171]		120.1711
Borrowing costs	₫	(3, 211)	3,211
Operating loss before financing income		(2,448,431)		(2,869,026)
Financial income	₫		53.386	53.386
Financial expense	₫		(3, 211)	(3, 211)
Net financing income				49,975
Loss belore tax		[2,448,433]	1370.6201	12,819,051)
Income lax expertse.
Loss for the period		[2,448,433]	1370,6201	[2,819,05]

Annual Reportuados

31. IMPACT OF ADOPTING AASB AUSTRALIAN EQUIVALENT TO IFRS (Continued)

(iii) Reconciliation of material adjustments to the cash flow statement

There are no material differences between the cash flow statements presented under AIFRS and those presented. Trider AGAAP

Notes

• (a) In occordance with AASB 1 First lime adoption of Australian Equivalents to International Financial Reporting Standards, the consolidated entity has reclassified the remaining balance of the asset revaluation reserve to retained earnings in its opening Australian equivalents to IFRS balance sheet. Any future impairment in the value of assets corried at deemed cost will be charged to the income statement.
• (b) The consolidated entity applied AASB 2 to its active share-based payment arrangements of 1 July 2005 except for equity settled shore based payment arrangements granted before 7 November 2002.

Under previous GAAP, the consolidated entity did not account for equity settled share based payments. Such payments are now recognised at fair value in accordance with AASB 2.

A portice of the options aranted after 7 November 2002, vested before 1 langary 2005 and therefore the consolidated entity has elected to apply the exemption under AASB 1 not to apply the recognition and measurement requirements for these options. A total of 7,100,000 options were issued subsequent to 1 January 2005. This has resulted in an increase in employee benefits expense by \$370,620 for the year ended 30 June 2005. Retained earnings have decreased by a similar amount at 30 June 2005.

• (c) The adoption of AIFRS has resulted in the reclassification of proceeds from sale of controlled entities included in other income to carrying amount of controlled entities sold disclosed in expenses, to disclose the net loss on sole.
• (d) The adoption of AFRS has resulted in the reclassification of borrowing costs to linance expense.

32. EVENTS SUBSEQUENT TO BALANCE DATE

Tennant Creek Gold Lid holds 81,466,157 shares in Batavia Mining representing 14.3% of the issued capital. The volue of this investment of date of this report is approximately $\$4.0$ million.

Thor has completed a share consolidation, an IPO of $\$10.0$ million and listed on the ASX. As a result of these changes Tennant Creek Gold Ltd now holds 1.5,000,000 shares representing 1.1.5% of the issued share capital.

Tennant Greek Gold Liminin

DIRECTORS' DECLARATION

• 1 In accordance with a resolution of the Directors of Tennant Creek Gold Limited I state that the financial statements and notes and the additional disclosures included in the remuneration report in the directors' report, which are designated as audited remuneration and are in accordance with the Corporations Act 2001. including:
• (i) giving a true and foir view of the Company's and consolidated entity's financial position as at 30 June $\rm \check{2}00\check{6}$ and of their performance, for the financial year ended on that date; and
• (ii) complying with Accounting Standards and the Corporations Regulations 2001; and
• (iii) the remuneration disclosures that are contained in sections 1 to 5 of the Remuneration report in the Directors' report comply with Australian Accounting Standard AASB 124 Related Party Disclosures.
• 1. There are reasonable arounds to believe that the Company and the controlled entities identified in note 24 will be able to meet any obligations or liabilities to which they are or may become subject to by virtue of the Deed of Cross Guarantee between the Company and the controlled entities pursuant to ASIC Closs Order 98/1418.
• 3 This declaration is made after receiving the declarations required to be made to directors by the chief executive officer and the chief financial officer in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 june 2006.

On behalf of the board.

John W Barr Chairmon Dated at Perth 29 September 2006

A Rhiu, al Report Leonald

INDEPENDENT AUDIT REPORT

Independent Audit Report to members of Tennant Creek Gold Limited

Scope

The financial report, remuneration disclosures and directors' responsibility

The financial report comprises the income statements, statements of changes in equity, bolance sheets, statements of cash flows, accompanying nates to the financial statements, and the directors' declaration for both Tennant Creek Gold Limited (the "Company") and Tennant Creek Gold Limited and its Controlled Entities (the
"Consolidated Entity") for the year ended 30 June 2006. The Consolidated Entity comprises both the Company and the entities it controlled during that year.

As permitted by the Corporations Regulations 2001, the Company has disclosed information about the remuneration of directors and executives ("remuneration disclosures"), required by Australian Accounting Standard AASB 124 Related Party Disclosures, under the heading "Remuneration report" in Sections 1 to 5 of the directors' report and not in the financial report.

The Remuneration report also contains information in Sections 6 and 7 not required by Australian Accounting. Standard AASB 124 which is not subject to our audit.

The directors of the Company are responsible for the preparation and true and fair presentation of the financial report and the Remuneration report in accordance with the Corporations Act 2001. This includes responsibility for the maintenance of adequale accounting records and internal controls that are designed to prevent and detect fraud and error, and for the accounting policies and accounting estimates inherent in the financial report. The directors are also responsible for preparing the relevant reconciling information regarding the adjustments required under the Australian Accounting Standard AASB 1 First time Adoption of Australian equivalents to International Financial Reporting Standards. The directors are also responsible for the remuneration disclosures contained in the directors' report.

Audit approach

We conducted an independent audit in arder to express an opinion to the members of the Company. Our audit was conducted in accordance with Australian Auditing Standards in order to provide reasonable assurance as to whether the financial report is free of material misstatement and the remuneration disclosures comply with AASB 124. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and the availability of persuasive rather than conclusive evidence. Therefore, on audit connot quarantee that all material misstatements have been detected.

We performed procedures to assess whether in all material respects the financial report presents fairly, in occordance with the Corporations Act 2001, Australian Accounting Standards and other mandatory financial reporting requirements in Australia, a view which is consistent with our understanding of the Company's and the Consolidated Entity's financial position, and of their performance as represented by the results of their operations and cash flows and whether the remuneration disclosures comply with Australian Accounting Standard AASB 124.

Tennant Creek Gold Linninb

INDEPENDENT AUDIT REPORT

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

• · examining, on a test basis, information to provide evidence supporting the amounts and disclosures in the finoncial report, and
• · assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the directors.

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

Audit opinion

In our opinion:

• 1 The financial report of Tennont Creek Gold Limited is in accordance with:
• of the Corporations Act 2001, including:
  • 1) giving a true and fair view of the Company's and Consolidated Entity's financial position as at 30 June 2006 and of their performance for the financial year ended on that date; and;
  • ii) complying with Australian Accounting Stondards and the Corporations Regulations 2001; and
• b) other mandatory financial reporting requirements in Australia; and
• 2 the remuneration disclosures that are contained in Sections 1 to 5 of the Remuneration report in the directors' report comply with Australian Accounting Standard AASB 124 Related Party Disclosures.

L Ørt

KPMG

Murtanle

D P McComish Partner Perth 29 September 2006

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 20 September 2006)

Substantial shareholders

Substantial holders in the Company are set out below:

Sharaholder Percentage (Sharaholder Percentage )
ANZ Nominees (imited)	19.837.273	19.S6
Westpac Custodian Nominees Limited	19.797.932	I9.52.
- I W Bosi	8700000	8.58
-Neil Biddle & Biddle Portners	5.761.868	5.68

Class of shares and voting rights

• (a) at meetings of members or classes of members each member entitled to vote moy vote in person or by proxy or allomey: and
• (b) an a show of hands every person present who is a member has one vote, and on a poll every person present in person or by proxy or altomey has one vote for each ordinary share held.

On-market buy-back

There is no current on-market buy-back.

Distribution of equity securities

y Critically Critical Continents Continents Continents Continents Continents Continents (
1 - 1.000	49	80
$1,001 - 5,000$	187	51
$5,001 - 10,000$	l 44	-35
$10,001 - 100,000$	797	123
100,001 and over	96	59
	773	978

The number of shoreholders holding less than a marketable parcel is 57.

Tennant Greek Gold Liminin

ASX ADDITIONAL INFORMATION

Twenty largest shareholders as at 20 September 2006

Name shares held		Number of The Persentage of STUDIES STATE
ANZ Nominees timited Cash Income A/C	19,837.273	39.56
Westpac Custodion Nominees (imited	19,797932	19.52
Biddle Partners Pty Ltd	5.367.368	5.30
Kensington Consulting Pty Itd	4,038.167	3.99
Khuesbo Pry tid	2,788.500	2.75
Ashton Drilling Services Pty Ltd	2,500,000	2.47
Mc Alistair Mackie	2,300,000	2.27
Mr Teny Lillis	2000000	1.97
Boretto Pty Limited	1,677,000	1.65
Kensington Capital Pty Ltd	1,500,000	1.48
Willyest Pty Ltd	989,000	0.98
Gordner Superannuation Nominees Ptv 9d	913.000	0.90
Correistone Advisors Pty Ltd.	900.000	0.89
Emorzi Prv Ud	849,500	0.84
Bonsmith Pty Ltd.	800,000	0.79
Chivington Pty Ltd	770,000	0.76
Bouchi Ptv Ltd	750,002	0.74
Mr Jeffrey Groham Evans	740.000	0.73
Mega-Min Resources NI.	700,000	0.69
Mr. Terence Noel Smith	700,000	0.69
	69.917.742	-68.97

Twenty largest 31 May 2007 optionholders as at 20 September 2006

Mame and the contract of the contract of the contract of the contract options held. The light of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract		Klumber di minimi Percentoge
Westpac Custodion Nominees timited	10,017,500	16.78
ANZ Nominees timited Cash Income A/C	6,080,360	30.18
Biddle Partners Pty Ltd	5,183,686	8.67
Teas Nominees	2,500,000	4.18
Comersione Advisors Pty Ltd	2,320,000	3.89
Kensington Consulting Pty Ltd	2,319,083	3.88
Bouchi Pty Ltd	2,185,088	3.66
Kensington Capital Pty Ltd	2.100.000	3.52
Mr Michael Jomes Paulsen	3.596.160	2.67
Mega-Min Resources NIL	1,500,000	2.51
Ms Teny Liftis	1,345,607	2.25
2M Resources Pty Ltd	1,334,214	2.23
Emorzi Pry Ltd	1,280,000	2.14
Ashlan Drilling Services Pty Ltd	1.250.000	2.09
Mr. Alistair Mackie	1,30,000	1.92
Tricom Nominees Pry tid	1,020,100	171
Mr Neil Biddle	1,000,000	1.67
Hatched Creek Pty Ltd	865708	1.45
Baretta Pty Limited	595,000	1.00
Paticoa Nominees Pty Ltd	500,000	0.84
	46,142,506	77.24

Annual Reportuable

ASX ADDITIONAL INFORMATION

The consolidated entity holds an interest in the following tenements:

	. Prospect in the Tenements of the Equity of the Contract of Tenements and Tenements of Tenement of Tenement of
Alice Springs	B23630	100%
Bluey's Silvertead	E10228	$100\%$
Bonney Well	MIC647	100%
Cowse Extended	M24/547, M24/548, M24/549, M24/550	20% kee carried to production, or can be converted to a 2% net smeller return on ore mined. Unicom Pit is now excised and a wet tonne rayalty applies.
Crokes Island Bauxite Project	EA24640	100%
Explorar	ELA24471	100%
flosa	ELA22988	100%
Goddard's Copper Prospect	B.A24260	100%
Golden Mile Prospect	MIC625	$100\%$
Hopeful Star Anomaly	MIC624, MIC632, MCC1057	100%
Kinlore East	MI6/281, MI6/282	Difuting from 49% to 2% gold return interest on production. Current percentage interest is $23.75\%$ .
Monbertum	EL24395, A24518, ELA25470	100%
M18 Au-Cu-Bi Anomaly	MCC1035, MCC1036, MCC1042, MCC1351	$100\%$
M39 Au-Cu-Bi Anomaly	MCC1112, MCC1113, MCC1117, MCC1118, MCC1119, MCC1120	100%
M20 Au-Cu-Bi Anomaly	MCC1040, MCC1041	100%
M29 Au-Cu-Bi Anomaly	MCC1092, MCC1093, MCC1094, MCC1095	100%
McTovish	M40/77, M40/119, M40/157, M40/194, P40/1001, P40/1002	3% gross royalty (third party retains o 25% interest in Termont Creek Gold's interest!
Melville Island Bauxite Project	BA24628	100%
MI Peoke	EL23271, EL23074	100%
Myslery Anomaty	MCC1089, MCC1090, MCC1091	100%
Patermons	ELA5826, ELA25564, ELA5828, ELA25562	100%
Rover/McClaren Creek/Gosse River	ELA25581, ELA25582, ELA25587	100%
Spring Hill	EL22957, MLA23812	100%

Tennant Gréek Gold in virib