Ann: NRW Acquisition & Placement, page-11

The prelim report looks great. Margins holding up at a glance.

The acquisitions looks interesting on the face of it, but one word on this page worries me: "Champ"

https://thewest.com.au/business/mining/nrw-buys-golding-group-for-85m-ng-b88567207z

Again, at a glance, I'll stay positive for now because some much larger numbers than $85m have been thrown around over the past few years for Goldings (search for Champ Goldings in google), and because JP is no schmuck and has proven to be a steady hand.

Will be interested to see what some brokers who are not involved in the CR have to say about the Goldings valuation and potential PE shenanigans..

One great thing is that if JP and team can pull this off, NRW will be an ASX300 company again attracting some mid cap managers. Also this means nrw will be making good use (integrating and tuning) of the next year while we wait for bigger mining projects to come through..

So - more risk and more potential reward but we're def undervalued now even allowing for a discount for the extra risk.

Gla, interesting times indeed.