Ann: Quarterly Activities Report, page-47

You guys are well researched and clued up, you've laid down all the pros and cons - mostly pros - and yet we have this gaping disconnect.

Two scenarios present themselves:

You are collectively far more intelligent than the market price would indicate, and will be richly rewarded in due course.

Or something is bothering the market.

Hopefully that can be rectified over time, and the sooner it is rectified the better.

Why the market has chosen to apply a discount to NML, in light of its immediate peers, is open to question.

If it is management (and I'm not saying it is), then you'd think rumblings would surface over time. And it wouldn't take much (unless they had the numbers) to effect change.

While I am personally happy to wait, the larger shareholders may not be.

2020 could be make or break for management - if I'm reading the signs correctly

I don't know much about the CEO (other than one interview), but I do know that he needs to deliver.

Mining can be a cruel game.