You don't seem to have taken them into account as cash if they were exercised (at 2cps).
Directors just bought into the capital raising that funded the development of the bulk sampling project.
You also forget that NTL had to write off Rahu after the deal with Newcrest, although this may change given the nature of the deal between the two companies.
I like your energy and enthusiasm but I don't find your calculations to be particularly reliable at this point.
NTL Price at posting:
0.6¢ Sentiment: Buy Disclosure: Held
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