You’re not wrong to be frustrated. Anyone who’s been holding through the past decade has every right to be. But the long timeline doesn’t erase the strategic positioning NMT has built, especially over the past few years.
The Comet Vale gold asset isn’t a pivot away from battery materials. It’s a small, non-core asset with low holding costs and some optionality. No major capex has been committed and it doesn’t change where the company is focused. The primary strategy remains anchored around Primobius, the ELi lithium process and the Vanadium Recovery Project. These are IP-led, capital-light initiatives that target licensing revenue, royalties, and JV-funded scale. It’s a different model to typical lithium hopefuls chasing upstream production.
Cash as of March 31 stood at $7.1 million, with no debt. Based on recent outflows, that gives them around 3.9 quarters of runway. While that doesn’t remove the possibility of a raise, it’s still a stronger position than most juniors in the current market. The real shift will come if commercial progress is announced - particularly with Stelco in North America or via licensing activity in Europe.
The important distinction is that NMT is working with real, established partners. These are not conceptual deals or one-pagers. Primobius has already built and operates a commercial plant in Hilchenbach. Mercedes-Benz has run validation trials there. Stelco extended their agreement. SMS group is a 50-50 JV partner. That level of engagement doesn’t happen unless there’s belief in the underlying tech.
Delays and slipping milestones are fair criticisms. But structurally, this is not the same business it was ten years ago. Long-term holders are understandably fatigued. New investors are entering based on a different thesis - one based on real-world execution and growing demand for sustainable battery supply chains. If NMT can convert any of its verticals into revenue, the current valuation will look very conservative.
ALL IMO
Add to My Watchlist
What is My Watchlist?
