Ann: $20 Million Placement to Advance Antler Copper Project, page-19

Rather than be too negative about what NWC is doing.
Here is a generalised example of a decision tree that helps visualise the value add by exploration. I'm not going to explain it nor are the numbers supposed to be representative of NWC. However, the decision to spend money on exploration is always thought out and only undertaken if it theoretically adds value. In fact the potential value add to NPV exists before exploration is done it's the manager's ability that monetizes it.

Note we have several prospects we're doing it on, so the probability of a hit on at one increases (because it's cumulative).




All IMVHO.