It’s becoming eye watering agreed but the ideal scenario is that...

It’s becoming eye watering agreed but the ideal scenario is that it occurs as the company converts one of these projects into success. I think if the board starts smelling pay dirt they’ll propose it at some point as they know it’ll have no negative effect on shareholder value in the medium term as long as there’s an economic deposit somewhere. It could be interpreted as a sign of confidence before the market sees it.

This scenario has occurred relatively recently with two companies I hold shares in....back in April Centaurus Metals had very similar register to NPM, 4+ billion shares, reigned them in at 15/1 and since then haven’t looked back bagging eight times as they acquired a quality nickel sulphide project in Brazil from Vale. WBT is another company I’m interested in and had its split of 25/1 a somewhat longer time ago but it has since ten bagged as they are on a pathway to success.

But yes if none of our projects were any good I suspect the board would delay any consolidation as if it occurred on the back of dusting projects it would be no surprise very damaging to shareholders as we would hold way fewer shares without any price increase. That scenario in the investment world is the very definition of disaster.