Ann: Spectacular Grade Intercepts at Redmoor Tin-Tungsten Project, page-65

Ultimately you guys need some strategic leadership, under Gary you were exploring and finding the projects (I've been watching NAE for about 5 years, Long before they even looked at Redmoor), you spent a fortune working up Locinaevar to feasibiility study and have done nothing with it since. You don't want to do the same with Redmoor - if I'm honest when you got involved at Redmoor, I didn't think it had much chance, if turning into a real project, now I think it has a very very strong chance. If I were you, I would be gutted to lose it now.

From what I can figure, your new board are primarily involved for Redmoor, the drilling this year was going to happen with or without you. SML were prepared to fund the whole compaign, where you would have lost a slice of the project, Kairos came in and effectively paid your share - why would they have done that if they didn't want the project?

So what you need (all my opinion) is a new a chief to start directing things, probably sell Lochinaevar - unlikely until March with the whole Brexit thing - too much uncertainty in the UK at present for that kind of transaction. Pay your share of the PFS at Redmoor, which is likely to put quite a large value on the project (you be mad to let SML have it all for what would currently be a song, but I think we would happily take it!). Otago is then your next project, which may come to something, and to be fair to Gary, he's proven that he is good at finding the projects - but that's his profession, he's a geologist, unfortunately, he seems to have been at a loss as to what to do next.