Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-38

Would NST really be interested in NXM?
NST is a tier 1 company with 20.7M oz Reserves and 56M ozs Resources.
I can't see them bothering to TO any company that had not produced a JORC resource of 2m oz Au with most of that Indicated or measured.
NST do not spend much on exploration, they let other companies do that and TO advanced projects and if possible working mines with large reserves.
There is plenty of growth likely in their own assets.
Imo NXM is not in the TO profile for NST.
Are NST really a major shareholder of NXM?
I can't see them in the top 20.