NXM has a very valuable Mining License and this cannot be...

NXM has a very valuable Mining License and this cannot be undervalued.
NST could buy NXM and instantly take all their dirt and put it through their mill.
This is better, easier and cheaper dirt to extract than what they have now.
The NST SP probably is a bit too low at the moment for them to make an offer for NXM as part of their offer may include a share script portion.
I am assuming that the board would like to see the NST north of $10 / $11 again to make any offer.
This is my opinion only but I just cant see what other reason there is for NST not to be stealing NXM for at their current SP level.

My advice to NST board members is just give us shareholders north of $250 million and buy a great project , its chicken feed in the scheme of things.
Of course they don't need or have to listen to my advice hehe.