Best announcement I've read since MB's Hub order announced at...

Best announcement I've read since MB's Hub order announced at start of the year.

I'm relieved they've walked away from the US PMR recycling plant option - no matter how tempting the operating cashflows, it would have introduced further risk into our business model, drained scarce capital and risked management distraction from our core business pursuits.

And finally making a number of the more difficult strategic decisions, including giving away some of the Lithium Processing / Vanadium Recovery pies to deep pocketed commercial partners in return for helping fund their progress through to full commercialisation (I'd much rather NMT has a reduced slice of a valuable pie, than 100% of an empty pie crust that still needs to be filled!).

The sale of upstream mining assets (Barrambie) unfortunate but necessary in these times of the "battery metals winter". The capital it frees up will have a far greater value to NMT reinvested in our flagship Primobious business at this point in time, rather than waiting in hope for a partner. The further capital austerity measures were in my opinion overdue, and I'm glad to see these unfortunate and difficult decisions being made (letting loyal staff go is never easy).

But overall the best news in my opinion is the clearly articulated laser focus on Primobious, of it being our flagship business unit, and spelling out a clear and realistic pathway forward for it - in terms of the milestones for MB final acceptance testing, and the numerous other counterparties (MOU & licenceholder & hopefully still Stelco) waiting in the wings who are likely to order commercial scale 20ktpa plants as soon as they have the required confidence we can & have delivered for MB. The margin on plant sales & future royalty streams on plant processing is where the real value catalyst is at for Primobious & NMT.

As we hit milestones on the above & EV battery output continues to swell - the value of our IP and expertise should become very apparent. A much slower and far bumpier journey than I ever could have imagined - but I do still very much believe in the value of NMT's IP & its true potential. A way to go, but today's announcement finally feels like there is a clearly articulated road map for shareholders on how NMT intends to get through these stormy seas & very risk-averse & capital constrained investment markets for all things small-cap & battery metals related.

Still a road to go, but finally a road that can at last be seen more clearly.