Ann: Maiden drill results at Bali Copper Project, page-108

In determining the exercise of options look at the exercise price. A lot of NWM have exercise prices much higher than current price which i assume was determined at the IPO prices. You need to add the exercise price as being cash in bank to determine proper enterprise value. MC is still well under just on bali resource let alone arunta west resources. If you take WA1 as the closest comparision has an MC $50m plus and this after the recent retreat. So a similar find should increase MC by that. Hence why i got in to NWM after the WA1 rocket in share price. Even at 7.2c still a good buy in. 4.8c was better. Just need to get confirmation of the REE results. Good luck to all holders