Ann: Quarterly Activities Report, page-96

There are certainly good results so far at Juruena but to simply assume that Novo will be good too when it has never been drilled is a tad naive. There are companies that report "excellent historical grades" all the time and yet their drill campaign yield very little. I mean, go back a look through some of the MEI announcements during the cobalt days. Their Iron Mask and Mulligan sites had samples and historical grades of up to 15% cobalt or something ridiculous like that. Everyone raved about how good it was going to be. What did they find? Stuff all.

Novo Astro has the potential to be fantastic but let's not forget that if they fail to find something significant in the first lot of assays, this is going to drop like a tonne of bricks. If it does, it could recover with more drilling campaigns through 2020 but think about future capital raising. Close to a billion shares on issue already and I wouldn't want to be holding if they do to do another one when the share price is low.