CHART - NML Big Picture, page-322

Yes. I was caught off guard by that as well. The BOD was wrongly confident (I think) that the NAV on other assets will hold in a change of asset focus scenario.

Another issue out of their control was the Kirkland TO which put a particular Vic Gold Mine's expansion on hold. NMLs Vic assets NAV on a near-ology standpoint vanished overnight. Might even be the final straw that forced the BOD into committing to the Mt Carlton purchase. Plenty of old SHs here won't see it that way and would prefer they continue hoping with all hope in Victoria and other assets for a more immediate SP upside.

Horse before cart I say... Many including myself wanted EVN to focus on Mungari and Cowal at one point but they really had to get smaller lower hanging fruits like Cracow, Mt Carlton and Mt Rawdon built up and get cashflow going for Mungari and Cowal can be built to full potential. Same scenario is being felt in NML. Many here want to get Vic and other exploration assets in focus. But seriously once they get good cashflow on Mt Carlton it will fund these growth projects into full potential. Longer timeframe but bigger upside in the long run.