Ann: Change in substantial holding from NVA, page-5

There not a new holder, they increased holdings. 1m or so raised, they took 200k.

I do not think a TO on cards due to taking less than 1/4 of placement.

If there is a TO at some stage, I believe look towards RED.

They are building a plant with 2mtpa extra capacity and within stones thrown of Tnr.

RED at extra capacity reduced cost per oz. Also increases RED resources in area.

NVA I think strategic investment as they can not leverage logistical side, unless they take Tnr and red, but red 4x bigger than nva, plus NVA hands full in ALASKA.