Ann: Barrambie - Positive Test Work Results, page-13

Whilst the short position on NMT has significantly increased in activity over the last month when you look at the short position as a whole it is really insignificant.

For example as at the 9th of July the total reported shorted position for NMT was approx 2.47m shares. Out of a total of 544m shares it represented a total short position of less than half a precent (0.46 percent currently).

Sometimes it helps to put things into perspective through comparisons of other similar companies, take for example other lithium companies.

1. GXY - Approx 58m shares shorted against a total of 400m shares on issue. Approx 14% total shorts

2. KDR - Approx 7m shorted against a total of 400m. 1.9% total shorts

3. PLS - 116m shares shorted against a total of 1.7b shares in issue

4. ORE - Well lets just say another heavily shorted for reasons well known (like their spreadsheets errors) about 13% total shorts.

There are many more examples but as a whole the short position on NMT is quite small.

Now with all that said back in May the total reported shorts on NMT were less than 100,000 so in a period of 3 months this figure has increased 25 fold to approx 2.5m. Just remember it still represents less than half a percent of the gross shares on issue.

Perhaps its a few individuals or smaller institutions taking a punt, although I really dont know. What i do know is if the fundamentals for NMT remain, projects execute, the business starts to deliver solid EBIT results, generates enough cashflow for dividends and retains a strong balance sheet the reality is in the long run it will be irrelevant even if there are downwads adjustments to the SP in the short term.

Now that is all said and done a shareprice with a $1 figure in front of it would be welcome sooner rather than later