The strategy of going back to exploring is a double edged sword....

The strategy of going back to exploring is a double edged sword. If there is success , it’s a no brainier, if not possibly reduces the fizz and unknown upside.

From what is in the public domain about Mt Joel and Corboys. Likely to deliver another say 80,000 ounces of reserves at an AISC of about $1200 Aussie. We add the existing reserves of about 380,000 ounces at a cost of $1100, refer various BFS announcements and associated supporting documentation, they say conservative.

So at current $2050 gold price, that’s about 5 years operating and non discounted positive cash flow of, $361M from the existing 380K reserves, another $68M for Corboys and Mt Joel. So total profit from 5 years of production is $429M.

If shareholders want to be optimistic, maybe even realistic refer to the 2018 BFS August announcement which documented Stage2, in some detail. At the time gold price was $A1600, so didn’t make as much sense to include, narrow margins etc.

It delivers another circa 350 K ounces from the deeper Orelia Stage2 pit, at AISC cost of say $1400 Aussie.

Add that to the equation above and it’s an additional positive cash flow of $A225M, so in total $654M over 8 years.

Current MC is about $138M, with minimal capital required to get going into production.

It is in the interest of NST to keep the company from not going into production and sharing the value above. They want to steal it.

If the opportunity to go into production at this fabulous Aussie gold price is missed, be a big shame.

Don’t let NST steal EAR.

BV