What is going on?, page-96

I don't quite agree with the comment about 'zero evidence of them selling shares'. They wrote PRL articles in November and December which noted their holding at 24,200,000 shares. The most recent one in March had 24,000,000 shares (so only a small sell-down). What they've done since the Scoping Study we simply won't know, at least until their next update comes out with the now-necessary disclaimer at the front. However given there's 1.14 billion shares on issue, their holding is 2% or below a substantial holder (5%), so there's no need for them to notify the market if/when they sell. Again - not suggesting they have, but you have to wonder how smart they really are if they've held on millions of shares post a scoping study that saw the SP fall 28%... that's a lot of profits up in smoke. Having said that, N.I. really may be playing the long game here, who knows - I'll be fascinated to see what their next article says about the size of their holding. Cheers