Hey mate,It has definitely been a frustrating hold for many...

Hey mate,

It has definitely been a frustrating hold for many holders, myself included.
Though I feel somewhat grateful that I have been able to accumulate so many NRZOA …. With the delays actually allowing them mostly all hit the 12 month CGT discount threshold.

The company has made a phenomenal amount of progress (ticking boxes), which cannot be understated…. Some of which have been against some pretty heavy odds.
I’ve listed them multiple times in previous posts, but it is impressive.

Unfortunately, some of the timelines have blown out ENORMOUSLY. Put that together with a mostly boring stock (a long time between announcments, most of which are unexciting) + a massive CAPEX …. and you have a speculative stock that few are rushing out to buy and hold.

I myself think the company is massively undervalued, and have been surprised that the binding offtake with Daelim did very little to the MC …. I believe I underestimated how much the CAPEX is probably holding us back. It’s an enormous ask for a spec stock, particularly without diluting shareholders to kingdom come.

I believe the next Announcment re: Strategic partner will likely be the 30% funding …. Which means the 70% debt funding from Korean financiers will likely follow shortly after (then FID, obviously) …. With the BFS being released amongst it all.

If they can keep dilution to a minimum on the 30%, then the upside potential in SP could be phenomenal.

One question to ask ourselves …. Why would Daelim, who are now $10M odd down on their equity stake, and $20M odd down in Labour/Work on the BFS, continue to push back the payment request to NRZ whilst also continuing to complete the BFS from Jan to Jul ?

That screams confidence to me.

Why would Barrenjoey associate themselves with a spec stock currently hovering around 52week lows IF they didn’t believe something significant was there ? They have a stellar reputation (as does Daelim).

If things were as dire as some are suggesting, then I would think that Daelim would have stopped work back in Dec … and that Barrenjoey would have laughed and walked away from NRZ.
Daelim and CNE both could have started selling down….we had a huge volume day not that long ago that they could have used to recoup some of there money …


I could be wrong, but I believe shareholders will be rewarded soon enough and the upcoming announcments, which will hopefully have a cash backing portion, cannot be ignored by the market.

Let’s hope there is an update soon, or else another CR is on the cards.


All IMO etc etc


Cheyne