40% of mine worth $37m-what's your share worth, page-5

Ex yank the independent expert valued the non Pajingo JV assets at 20c per share. Add the market value of 60% of Pajingo of 27 and you get fair value of 47c

So CQT offer is still to low and I would say the blocking stakes will hold out for a better deal, which will be more scrip

CQT will have spent almost $57m in cash to gain control. They will have to raise more cash now. The forward CAPEX for Pajingo is quite strong this year, the cash reserves of NQM are needed for this, ESP a ventilation shaft.