Would agree with Juk. Overall looks ok, some issues that stick out to me are
Overall ree grades seem to be in the 1-3%, on current drilling resource could average 2-3% - higher would be better. (they have trumpeted the couple of high grade holes as most do in the industry)
Lower % of higher value ree
As juk eludes too, mineral combo's may be complicated, its taken ARU a lot of time and $ and determination (not to be under estimated) to nut out nolans.
Again it has potential, personally I would not attribute more than 10-20cps to it at this stage, which IMO makes NAV a tad expensive given where mertondale currently is, obviously has good upside though.
hope that helps, I'm no expert.
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