comments from robin bromby, page-16

Stock, the point is NTU has a very simple metallurgy compared to the poly deposits of HAS & ALK and they demonstrated that fairly quickly to basic concentrate stage. Now they are trying to prove up the next step to carbonate with no estimates of expanded CapEx but it's going to be considerable.

Given limited funds how much time/money, do you spend on advanced process work when you have a marginal resource to justify step 1? Why spend $4M you haven't got buying more acreage when all I read about are "excellent drilling results".

"perhaps you would consider the best deal available in a depressed market for REEs" - that smacks of desperation to me. Why hawk off part of your plum asset in a down market if the buyer is not going to assist financially in development. They are not going to pay you 1c for Dy for another 3/4 years! There just has to be more depth to that offtake agreement, NTU aren't stupid, but why rush out with such a vague Ann. right in front of your maiden JORC??????

I'm thinking the glass is 1/4 full and the SP's 3/4 full, in respect to peer valuations, and NTU's doing a lot of scrambling in the hope the market doesn't notice. Just a spec opinion.