They wont need to serve a 249D.NAG, after the cash raise (less...

They wont need to serve a 249D.

NAG, after the cash raise (less than 50% subscribed) probably have about 6-8 months of cash flow left (max), based on their previous "cash burn".

NAG dont have the credibiity to go back to the market in 6 mths to get more cash and go through another (failed) financing attempt. They are in survival mode.

Now sit down and do a back of an envelope calculation of how much cash that NAG would need to start mining and processing through a currently non existent mining plant. $40- 50m min. A mining plant from the Camel is years and years away - a mirage in the desert for the Camel. A mining license is worth absolutely zip if you cannot afford to mine and process.

NAG have no JORC or intentions apparently to produce one. What will they be seeking to use to raise funds on?? Market credibility? MT? Get real folks. Mythical middle eastern buyers? Fairies at the bottom of the garden? Finance it from the coming super PASS profits?

SXG are working towards a first resource estimate by the end of this year.

All that SXG have to do is sit back and wait as NAG becomes progressively insolvent. It is noted that SXG did not take up it's entitlement in the recently failed issue. That should give you a hint. Nudge nudge wink wink.