Mine development advances at Talisman, page-27

Consolidation is only a problem if it is clear that the company has something to hide, to just sweep the history of failed projects under the rug. NTL's history is solely the Talisman mine. There's no crappy, talked-up projects from the past that need to be disguised with a small SOI.

I sincerely doubt that NTL will carry out a consolidation before they are generating cash flow, if at all.

Look at the likes of AVB, they focused on getting cash flow positive with no debt - not sweeping history under the rug. 2bn+ shares on issue.