Ann: NWE Approves Lockyer Deep for Drilling H1 2020, page-188

From the outside, I reckon NWE looks in a good spot for potential investors.

We are overdue for news on Lockyer. MIN have been tardy but their hand will be forced. As someone mentioned earlier, once an extension is granted, suddenly they have to focus on a rig for this drill. They have purchased just under 20% of NWE, so they have skin in the game here as well.

At a SP similar to what the last Sophs bought in, we have a reasonable SP floor.

The target is significant, more than enough to draw traders upon news.
STX are providing the nearology.
The WA government seem supportive, and we are in politically and environmentally safe waters (when compared to much of the globe).

Having watched ROG and 88E, one can see that traders love to pour into these types of low SP companies because the profit leverage seems quite high. MC and shares on offer matters to a degree but not as much as the herd psychology at times.

Very happy to hold here and wait.