On 7 July mentioned there were 2 things I didn?t like about HSK....

On 7 July mentioned there were 2 things I didn?t like about HSK. Well one is the overpayment to their fat cat directors and 2 is the founders agreement, where they skim the return on shareholders funds for their own benefit. I agree it is difficult to have any respect for such people.

The NQM directors were remiss in not strongly highlighting this. I suspect they felt they had a right to stoop to CQTs level for the greater good, but it was always going to backfire.

Just compare. Under HSK the 60% Pajingo interest effectively reduces to 48%, but plus a 48% interest in the Tungsten and Canadian trading profits or sale.

With CQT it reduces to only 12% plus an interest in an unproven and to my mind dubious deposit, plus 15c cash. Some people might like the cash, but to my mind it just locks in a low sales figure for the assets.

Independence is best, but unlikely I think. Still happy enough to have the HSK offer as a backstop. Not keen on giving away 20% of future Pajingo profits. Just imagine how much those HSK directors will fight to get their claws on that. We keep 80% plus upside in a fully developed Los Santos . I value this at much more than 30 cps.

Don?t forget that regardless of these games, NQMs assets are a great prize. First class drilling results of late.