Ann: Drilling Update - Yandan Gold Project, page-19

Good question. I guess whether to sell or hold the NVO shares is akin to GBM using 4 m cash to buy NVO shares at the current price. Definitely could go up from here, or it could just continue the trend and go down. It is unfortunate the Aus government took so long to rubber stamp the Malmsbury JV, or we would have had the NVO shares much sooner.

I will admit, I only looked at NVO briefly back when they were closer to 1B market cap and I thought they had a significantly higher market cap than other WA gold producers listed on the ASX, with similar plant/resources. But that's as far as I got.

A counter question - would you prefer GBM sell the NVO shares at current prices, or do a cap raising within the next quarter given prevailing GBZ prices around 12-14c? Not saying they are mutually exclusive, but the drilling in the Drummond will add up in costs with the forward plans, the NVO shares will get us 1-2 more quarters.

Speaking of Quentin, we need to get him to do another GBM preso! His last one was an epic sales pitch.