Ann: $5M Capital Raising to Progress Exploration Activities, page-23

There is always more than one perspective on things.

NST kicked in about $1.5m - chicken feed to them. So why would they even bother especially, given the huge size of NST, they would only be interested in big long life mines - ie minimum life of 10 years + with an annual production of at least 250kOz pa (this is just a guess) maybe even more. Look at some of their recent purchases to get an indication of the necessary size.

If, based on drilling results to date, it looked like NXM was looking at a potential resource anything less than 5m Oz (including corridors 2-4) then I doubt NST would not even look at NXM. It is not just the money it is also the management time spend on looking at opportunities.

IMO NST increasing their shareholding is a positive sign. Let’s see what happens with the next capital raise to better understand NST intentions. At some point in time NXM will need to raise a lot more money if Fat prophets ends up being right that they are potentially sitting on a super pit ( which has 60m Oz+)