Ann: Additional Discovery at Horse Well 58m @ 1.7g/t Au from 17m, page-48

I feel TO talk often comes too early on HC in explorers.

NST doesn't need to make any kind of play yet. They can let STK take all the risk and spend their money on drilling to prove up anything meaningful is there.

The NST purchase of Millrose came with a MRE plus all the holes that STK punched into it after STK purchased it. While STK didn’t upgrade the resource, NST must have been able to do their own back of the envelope estimates to make them confident that like 360k odd resource is actually much bigger. They can now do their own upgrade of that resource and "add value" to their purchase.

Horse Well already has a Resource Estimate of 148k oz. Obviously these new discoveries and prospect areas aren't included in that estimate.
I wouldn't expect NST to make any overtures until an upgrade of MRE comes along, which I'd guess is at least 6mths away, if not more.

Another pondering is that NST let STK keep drilling these things out, and all looking promising, they take up a meaningful position in the next CR which, based on STK's plans with current cash balance, is about 18-24mths away. They could even pop up in 12mths and say hey, we'll give you $25m for 10% of the company. Pick up a nice blocking stake, share in the upside rewards and avoid carrying the exploration risk themselves.

Still plenty of room for us retail to get in cheap given how things are looking atm.