Hey mate,Yep, the shareprice has decreased drastically over the...

Hey mate,

Yep, the shareprice has decreased drastically over the past few years AND there has been reasonable dilution.

No one can dispute this.
However, they’ve also achieved the following (just to name a few and in no particular order) :

- PPL granted (huge milestone, most thought they wouldn’t get it)
- PFS completed
- Successful PCD and monitoring
- BFS underway and being completed by Daelim PRIOR to funding/payment
- Daelim partnership (massive)
- Binding offtake with Daelim
- Letter of support from Korean financier/s, for the 70% of CAPEX
- Section 23 approval obtained
- Carbon sequestration/neutral obligations and requirements fulfilled
- Confirmation of huge Hydrogen potential(Thyssenkrupp report)
- Stamicarbon as Urea licensor
- KBR as Ammonia licensor
- Major Project Status by SA gov
- China Hydrogen deal
- Exclusive rights for rail negotiations
- Barrenjoy onboard to help finalize strategic partner deal (they have quite the reputation and don’t seem to waste time with “unrealistic spec hopefuls”)
- Succesful R&D Advance finding application


I’ve always said that the biggest issue with the stock is that it’s quite boring for a spec stock.
We can go 6 months without a meaningful update, vs a random junior explorer that is punching holes into prospective lithium tenements and receiving a triple digit % increase prior to any results.
Spec stocks need hype to survive, though for most, “survival” is simply PUMP-CR-PUMP-CR until the sharebase is revolting, then consolidate and repeat (lifestyle companies) ….

HOWEVER, and the reason I’m holding over 30 mill NRZOA and a few million heads …
If they pull this off and secure funding, entering a cleared pathway to production, the re-rate will be monstrous.

Nevermind if they also find a way to monetize their enormous hydrogen capabilities (2M kg pa, based on a 2MTPA plant).

Daelim appear confident, CNE appear confident, Barrenjoey seem to think there is something there ….. we’ll find out soon enough.

Yes, the SP hurts at the moment … but If you’re here for the fundamentals, I think there’s plenty of reason to remain optimistic.
Being currently undervalued (IMO), also means that upon the right catalyst, we will have much more room to move north.

All IMO etc etc

Cheyne