Ann: Nexus Wallbrook Regional Drilling Commences, page-47

NXM had a market made in 2021 where valuations were pushed to back and enable NXM to undertake various raises to deliver something decent.

$25mil has been spent up until the MRE

With that amount of money spent the expected delivery outcome is

• Bullish Case - $10/oz discovery cost (mostly inferred level resource) - $25mil divided by $10/oz = 2.5Moz (expected resource higher range)
• Expected Case - $20/oz discovery cost (mostly inferred level resource) - $25mil divided by $20/oz = 1.25Moz (expected resource lowest range)

what NXM delivered was nothing remotely close and considering almost all drilling was infill and extension.

The exploration target higher range is a fraction of the lowest base case.

Usually investors would blame management but they are not to blame.

IMO the project simply is a hoax with.