Ann: Barrambie Project Update, page-15

Yep, I reckon it is management that smells bad to Mr Market.

Things like the following just adversely knocks Mr Market's view about management capability:

1. The announcement about the sale of NMT's share of Mt Marion that turned out to be a big nothing aka failure.

2. The lack of any profit sharing from the Mt Marion operation showing up in the books of NMT.

3. The announcement many moons ago that NMT are looking for a reputable partner to JV the "world class" Barrambie project and then nothing but crickets.

4. The Buy Back program that sat around and then slowly executed whilst the SP went from 50c down to 25c.

5. The slow progress of the cobalt recycling test work from the scoping study many moons ago to not much news at the moment.

6. The song and dance about the Neomet process and other technological processing break throughs for a very long time now without any signs of a monetising venture of note.

7. The lack of clarity and no definitive news regarding the downstream lithium refinery plan. Is MIN still interested or what? If not can NMT go alone? What is the true capex estimate for such a venture? To date this plan seems very hazy and thus very doubtful about NMT's veracity in this plan.

Plus I have a sneaky suspicion that Mr Market views NMT too much like a private company due the Reeds having significant control. The sell off by the Reeds a few weeks back of some of their holdings is a good thing to help change that perspective, but not so good for the SP. Especially if Mr Market suspects that the Reeds will be unloading more stock.

So it's a moral dilemma for holders and potential holders. Does one continue to believe the story and thus have faith in management........... or is it time to move onto something else? The potential for this company is huge, but this potential will only be realised with good management. So if one believes management is capable then the current SP is a screaming buy. My faith is wavering though!

Cheers