Ann: Nexus Wallbrook Regional Drilling Commences, page-14

While the MRE is only at 175k ounces, everyone knows the resource is bigger and it’s just a matter of completing the infill drilling. Therefor, adding additional ounces will be cheaper per ounce. That won’t be done at the moment because it looks like the company wants to value add from elsewhere with the remaining cash.

If your’e simply going to value a company off proven ounces, then you need to add the 78,000(I think) from the Pinnacles JORC too. It may be a stranded resource, it may be unviable but that doesn’t matter because your base is anything proven.

Also, this is the spec end of the market. So speculation plays a part in the valuation. How else would you value any company that doesn’t have a JORC/resource??? Your valuation is based purely on the Crusader-Templar JORC…not the company.
Go look at everything else NXM has in the pipeline. Even without Crusader-Templar they could be valued over $10mill.