NXM had a market made in 2021 where valuations were pushed to back and enable NXM to undertake various raises to deliver something decent.
$25mil has been spent up until the MRE
With that amount of money spent the expected delivery outcome is
- Bullish Case - $10/oz discovery cost (mostly inferred level resource) - $25mil divided by $10/oz = 2.5Moz (expected resource higher range)
- Expected Case - $20/oz discovery cost (mostly inferred level resource) - $25mil divided by $20/oz = 1.25Moz (expected resource lowest range)
what NXM delivered was nothing remotely close and considering almost all drilling was infill and extension.
The exploration target higher range is a fraction of the lowest base case.
Usually investors would blame management but they are not to blame.
IMO the project simply is a hoax with.
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