its a bit of a conundrum really. we would literally need to ask the NST geologists and Mgt team as to why they didn't enter into a JV with Millrock.
one might say, they looked and didn't think the geology stacked up
you could also assume, they thought the deal wasnt worth the risk to them and , thats where. I sit with it.
US20 mil exploration is a lot, even for a major. then add in the share placement and all for 60%, NST would rather take 100% of something good for fair value rather than 60% of possibly nothing for min 20 mil.
plus, they have the max drill rigs already out scouting their own turf and definitely needed to prove up and drill Pogo itself to ensure the mill is being utilised 100% before they spend money elsewhere .
lets hope my assumptions are correct and NST come knocking on our door soon enough!
RML Price at posting:
6.3¢ Sentiment: Hold Disclosure: Held
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