Tech Step,
The NTA of EXT is only 168 million but I know what you mean.
The insitu value of EXT's deposit is worth billions which will be monetised in about 3.5 years when production begins in 2014.
Based on the poor performance of today coupled with one of the largest volumes in the last 12 months It's certainly looking very bearish.
If the cross trade had gone through at a premium it would have been bullish.
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