FY25 P&L Predictions, page-67

danbradster. I did not rule out the outside possibility of an IPO for NE. But think it is most unlikely, especially to complete it quickly as sub1 also noted.

The argument that a few IPOs in the past have been successfully pulled off by other miners is somewhat irrelevant. What we do not know is how many other miners decided not to go down this route because it simply would not fly.

Moreover, the circumstances are probably quite different for NE than was the case for those select few that succeeded with an IPO. What we do know is that management has failed abysmally for many years now to sell it o rconclude a deal. Furthermore, the mine is in Chile, which may be a big negative for prospective buyers who have no experience of operating in that country.

It is most puzzling that there have been no takers for this project even though management has suggested in the past that it is an exciting project with plenty of promise. Of course, more recently a soaring silver price and record gold prices may well have improved its prospects materially. However, the bigger players would have run their slide rule over the data available, most probably, without the need for an independent update of its resources, if they were interested in striking a deal.

The possibility remains, in a news vacuum about what is going on, management would like to develop the project through largely financing its development assuming the Chatree mine is generating loads of surplus cash. A strategic move along these lines, most likely, would not go down well wit hshareholders.