In my opinion NCM will have had results back from Zipa and...

In my opinion NCM will have had results back from Zipa and Havieron North, which were drilled in November- December 21 . As we've discussed here before they can use the excuses that they need time and even more drilling to make sense of the results they already have as releasing them 'immediately' may mislead the market. The line about 'immediately releasing material information' is subject to various conditions, in this case

-the need in some cases to verify the accuracy or bona fides of the information;
-the need for an announcement to be carefully drawn so that it is accurate, complete and not misleading;