Some good points Rusty. The history is terrible, and made worse...

Some good points Rusty. The history is terrible, and made worse by the fact that some of the original spin doctors are still hanging around. And really the MC of less than $10Mill does reflect the overall current status of the company with a massive environmental liability that they inherited from Millenium at Nullangine that balances out some of their remaining cash and share holdings in other companies. Including shares in an unlisted one where the share price is anyone's guess but likely to be quite inflated on Novo's books relative to real value given they will soon need to dump most of those to keep going at current $ burn rate.

However, you do have to wonder why DEG effectively gave them $10 mill as part of the JV deal, buying shares at 20c when they knew very well that they could be worth 5c or less by the end of the year as NVO runs out of cash and needs to sell shares or do a placement at basement prices to survive. I can only imagine that DEG suspect there is something really good at Egina and are willing to take a punt to make sure they have a part of it before Novo implodes and someone else gets a key stake in things. They have drilled right up to the lease boundary in the past without releasing results so who knows what loiters underground there? Could easily be a ten bagger once the SP drops a bit further and then DEG make an announcement. Or indeed DEG might make a script for script offer when the Novo SP gets to 5c to stop it going under..... we will know soon enough.