Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-28

Yes I agree with that. If the market was confident in an MRE of 1m ounces, and a likely bid from NST at $100 an ounce, we wouldn't have a market capitalisation of $56m as we speak...

That suggests that either the number of ounces is going to be lower than we hope or that NST is doing to drive a very hard bargain on the price per ounce.

For me, the key unknown is the level of NST's interest. On the face of it Crusader-Templar is a good fit for them: very near their plant and other infrastructure, and also a deposit at reasonable depth, which is ready to go at a time when the gold price is rising.

But what makes them the best fit also makes them the only likely bidder, which isn't great for driving up the price.