FY25 P&L Predictions, page-22

Shareholders should not be left in the dark about NE. There is no reason for this. TAFTA negotiations, which some posters believe will be wrapped up soon, seemingly, have no, bearing on the way forward for NE.

A brief review of some cold hard facts is revealing. The latest update in the quarterly results elliptically says an independent updated resource estimate for NE will be disclosed in October’s annual report. There clearly is no rush to divulge the contents of the report. Moreover, there is no guidance as to the ultimate purpose of this latest undertaking, incurring yet more costs.

A lot of money already has been thrown at a fruitless (so far), costly, adventurous, project, which has also drained vital cash, while Kingsgate struggled to survive. In recent years the big global mining company Anglo American has provided credit facilities for monies owed to it for NE. No doubt, this will not have been without additional cost.

Management has tried endlessly to flog NE with no success. Moreover, what has happened to those interested buyers, flagged a couple of years or so ago? No news update.

The possibility of a deal with a reputable mining company of decent size would make much more sense, or abandoning the project altogether, than some speculative suggestions posted. Difficult to conceive that out of nowhere, a management team capable of turning NE quickly into a highly successful project, magically will drop into place to facilitate its spin off. As for seeking fresh funds to help get the project off the ground, through an IPO, just think about the uphill struggle Kingsgate faced raising finance for its comeback.

Management should come clean right now, providing clarity for news-starved shareholders - why not?