Ann: Nexus Wallbrook Regional Drilling Commences, page-7

Hi Corgi

Looking at low-sovereign risk; explorers with solely gold resources (no AuEq factors to take into account): RXL AUT KAI STN KIN BGD PRX AUN MGV AME TAM MAU STK GML BTR YRL GBR BNZ WGR NXM SPQ MXR ASR SLS KAL CVR RR1 TRM A8G GSN

Based on today's closing prices:

Of these stocks, the average mcap oz is about AU$85.

And of these stocks, the average EV/oz is about $71.

Coincidentally, the NXM EV/oz is $71.

So if we assume NXM is now currently sitting at around its average position within the [currently highly oversold] wider market, the higher end is around $250/oz (GSN, RR1, SPQ).

Things get interesting when you consider NXM could with reasonably cost efficiency increase its JORC up to 4x (Wallbrook up to 790oz to 40m x 40m spacing noting that other companies in this list use much more sparse spacing for inferred) by converting the existing exploration target to resource. Also the additional drilling into other target areas within Wallbrook.

Given the strong geographic and strategic position of NXM there is no reason the EV/oz must remain on the average side of the ledger either.

Besides, a couple of 1-2% lithium rock chips will send it to $200m anyway

In any event based on comparisons I don't see how $8m-$10m would be appropriate - an EV of $2m-$4m you reckon?