Hi Joe. I hear your frustration.But we have not 'lost' 40% of...

Hi Joe. I hear your frustration.

But we have not 'lost' 40% of present and future earnings for nothing.

We have cash to enable expansion at a far greater rate than previous and we have a well connected partner with access to the things that have caused the slower than anticipated rampup thus far, namely quality equipment and people.

As the announcement says, Vijay moves something like 70mtpa. Vijay people and equipment will be integrated into NSL operations as quickly as possible. Think diggers and loaders, in pit crushers, modular wet and dry separators and a voracious market right on our doorstep (with a margin in the order of $30/t).

Vijay's reputation is on the line and their past record suggests that they are a dynamic company that delivers. If they are publicly targeting 1.5mt in two years, NSL's assumed 50% share of this is worth nearly 6cps in annual earnings.

If you apply a paltry PE of only, say, 8 times, that gives you a target price of nearly 50cps. OK so they haven't done it yet. But I reckon they are much more likely to do it with Vijay on board than otherwise. That's why I'm comfortable with the so called dilution.

I don't understand why you are so down on everything. Anyway, each to their own.