Highly paid & incentivised executives have to justify themselves...

Highly paid & incentivised executives have to justify themselves via expensive annual exploration budgets which leads to a rapid depletion of capital which in turn generates a higher short term expectation on the project to continually deliver results!

Notes:

Non executive directors paid $228k in 2011/12
Executive directors paid $595k in 2011/12
(pp18 NML 2012 Annual Report)

Capitalised exploration expenditure for:
2011 = $1,082,435
2012 = $4,535,724
(pp44 NML 2012 Annual Report)

Shareprice
2/11/12 = 15 cents
2/11/11 = 32 cents