You're assuming land use consent approval needs to be announced...

You're assuming land use consent approval needs to be announced to market.

Perhaps it actually isn't material enough to be required to be announced. I guess announcements have costs, and NTL management might prefer to minimise admin and costs and focus on the business.

I think your guesses about share prices are farcical, although possible (therefore a bargain) if that is the set price of the capital raise. I recall someone many months ago determining the known resources to infer a price of 1.5c/share, without any of the mine development or exploration that has occurred since.