My thoughts, my opinions:- Andy is very excited and keen to...

My thoughts, my opinions:

- Andy is very excited and keen to start exploring Bethanga(obviously very experienced in copper porphyry).
It is only being delayed until September due to winter weather and being in the terrain that it is.

He has to be, this could be the last roll of the dice. IMO the delay is due more to the lack of funds and I'd predict a CR by September to fund it.


- As has been mentioned many times, the MRE was focussed on what they believe is the most economical sections of the resource to mine and push forward to start with. They have tried their best to convey that message via the interviews etc.

Seriously. Brokers and investors were expecting 500k to 750k resource.


-when the new JORC standards come out, a lot of companies resources will come under fire. The crusader-Templar MRE is well set for when that comes.

Who knows when this will be, maybe a year away or more.


- mine studies underway might take a few months(wasn’t 100% sure on exact timeframes) and that will give them a better idea of the best/most viable path moving forward into monetisation…..they are obviously confident in that.

Monetisation has been bandied around for a few months now. The hope was that NST would come in and buy the Crusader-Templar area, that hasn't happened.


- they were as shocked as us all when the diamond drills didn’t produce the discovery we had all thought. The cores etc had everyone truly believing it was special.

Visable gold didn't translate into anything special, this signaled the beginning of the market losing interest.


- the depth potential at Templar-crusader still remains however it could take some drilling to hone in which is expensive at those depths.

Expensive, that's why no further drilling has been tabled.


- more staggered approach to exploring for now to conserve cash and hopefully see out the poor market conditions(a lot of other companies running on fumes/struggling).

Cash of 4.8m will burn up quickly. Market conditions are always relative, and when are they really good?


- absolutely no need for an imminent cap raise like people are suggesting.

I've heard many companies say they are well funded only then to announce a CR shortly after. Maybe its not imminent, but it will happen.
$4.8m wont go far.


- the team are pretty keen to get into Branches and MC4.1, they believe they are quality targets.

- AC drilling of other regional targets(MC3.2) will be coming after the RC drilling has been complete. I wasn’t sure if that was after the rigs are finished or after results are out and forgot to ask.

- it’s too early to consider spinning off another company because the eastern states tenements are still so fresh/green. It didn’t sound like that’s on the radar anytime soon from my chat.

Any value from spinning out eastern states tenements could only come once they are made attractive to investors


- NST remain with their full shareholding. They have a good relationship and the NXM team even have lunch in the NST facilities(shows how close the Carusoe dam facilities are.

Seriously where people have lunch! LOL. The fact is there are no cornerstone or significant shareholders. Imagine trying to sell several million shares, it would be extremely difficult.


All in all, it was a really good talk. Obviously these aren’t all her exact words but the gist of it. Take it as you want. I’d suggest if you have any doubts….give them a call in a polite manner and nut things out instead of relentlessly complaining on here.

Share price was 7.5 when you contacted the company, now 6.7. At a multiyear low it looks like it may have further to fall. Tax loss selling doesn't help.