Ann: 2023 Annual Results Presentation, page-14

Wont start until after FIRB Approval (which lets assume is granted as none of the assets in Australia) and the size 100mn AUD at lets say top of 80 cents AUD. That is 125mn shares to buy on market which should at least put a very solid level under the stock, that is 40-50days buying if they using 20% of on market volumes. Since the announcement, the short seller has still be adding to the short position.....



which now stands at 177mn shares. That is 13 days volume if they cover 100% trading volume each day which they cant, so lets say they cover the position with 30% of daily market volumes (that is still a decent POV) that would take 39-45 days to cover the position. THAT IS IF they ARE going to cover it, none of the bonds are convertibles to my knowledge so they aren't delta hedging. Maybe they going to try and cover the short in the next equity raise, which I personally don't think is coming, NIC doesn't need to raise cash, growth already is paid for.

So IF Buyback approved and Shorts get covered that is 302mn shares ON MARKET that need to be bought......pretty good bid to be following....