The Merlin project has significant near-term production...

The Merlin project has significant near-term production potential and high priority exploration targets surrounding the former diamond mine. NAD intends to continue to focus on developing the Merlin Project and aims to complete a feasibility study in the near-term.

As we have previously highlighted, NAD is part of an extremely rare species known as an Australian diamond company. By our count, Rio Tinto’s Argyle mine and the Ellendale operation of the former ASX-listed Kimberley Diamonds, are the country’s only commercially significant producers of diamonds.


We maintain our view that with a market cap of just $15 million, NAD represents a cheap exposure to what could be a quite lucrative diamond development at Merlin.