Well well well how things have changed. It was back in November last year that I was invited to have lunch with my broker, and two other rather large NXM shareholders with Andy Tudor and Lara Phillips- Wells. The meeting took place at the Raffles Hotel. The general thrust of the conversation was that NST had come knocking on Andy’s door (again) and were rather keen to do a deal with what NXM had at Crusader-Templar. From memory NXM’s share price was trading at around 17cents. We were told that NST were rather keen to put a ring around Crusader-Templar and pay a significant amount of money for just that part of NXM’s tenements. The numbers being bandied around were somewhere north of $50-70 million. This was going to give NXM the ability to carry out further drilling at Branches and the other higher priority targets at the Wallbrook tenure whilst spinning out the Bethanga stuff into a separate identity with the aim of an in-specie distribution to existing NXM shareholders. There was even talk of a 10 cent return of capital to NXM shareholders. All this was to possibly occur before Christmas last year as NST had trucks that were arriving mid year 2023 to start mining NST’s Porphyry mining centre which had a grade at around .09 g/t compared to Crusader-Templars 1.5g/t plus. Needless to say Christmas 2022 has come and gone and none of the above transpired. Here we are now with a share price at 6 cents and a capital raise that could occur at any time. I still scratch my head thinking why was I ever told any of this stuff?
NXM Price at posting:
6.0¢ Sentiment: None Disclosure: Not Held
