Ann: Best-ever drill results from the Antler Copper Deposit, page-55

Yes, it's not a good look and the SP action reflects it. What it doesn't reflect though is the exploration success that NWC has had.
I'm pretty sure professional investors instos Paradice & Perennial underpinned funding of the 10c rise base on tow facors :

1. the direction of the Cu price
2. expected exploration sucess (at depth)

Certainly, that was my expectation, as I knew and said, was that NWC wouldn't meet those schedules and shouldnt have said so.

Now, one of those two key pillars has been displayed and most expect the other to as well eventually.

Paradice stayed. Perennial not only (largely) quit and ran but ha snow changed its name to Perennial strategic resources fund and is doing some things that are not 'pure mining" eg. 'selling picks and shovels" to the miners and positioning for ESG. I'm doing that too because it is strategic.

I have no problem with the direction and outlook for the Sp. I do wish I had put a touch less in at the high price but I noted this could occur and am prepared to fund it though till it obviously delivered or otherwise. I'd like to say that has the mien of an investor, rather than a speculator but there's plenty of speculation in me (it hasn't quite been beaten/thrashed out).

All IMVHO