I really think everyone is overcooking the 'missed deadline' and/or 'missed deadlines' way too much.
Having engaged third parties before, especially experts and consultants, and having been engaged as essentially a third party, delay happens. You have no idea what the independent company preparing the MRE has had going on, they're probably flat out. End of March quarter was a good guideline, it didn't happen, but Andy mentioned teh delay in a video update (couple of weeks). The idea that he should make a market announcement (let alone a price sensitive announcement) to herald the dealy is absurd. He has given it all the attention it needs...the MRE is coming, they're working on it, and they're also working on a lot of other stuff.
NXM have a huge amount going on. The fact that they have just been involved in the biggest pegging exercise in NSW history is huge. 15,000 square kms. Like, mind boggling.
I also politely disagree with@perdant (which I am always hesitant to do) but from a risk management perspective, I cannot see NST making any offer for Wallbrook (or parts of it) without an MRE. I also don't think that NST will make a play for anything other than the MRE but it would be interesting if they made a rough guestimate on the rest of the 5 mineralised corridors based on the MRE that is produced, and made an offer for the entirety of Wallrbook based on that.
NXM keep harping on about (1) 90% of NXM's Wallbrook tenement remains unexplored, (2) they have 5 potentially mineralised corridors, (3) they are preparing an MRE (4) potential gold camp at Wallbrook, and (5) Bethanga (and now many other tenements) over East.
That's a lot ot focus on, and monetising Wallbrook is only part of the company's agenda.
Pinnacles and Mt Ceila also still exist. They probably aren't getting as much attention because Wallrbook and Bethanga etc have so much going on. I think pages 8 - 24 of 79 from the Annual Report dated 21 September 2022 do a great job highligting this. Priority appears to be (1) Wallbrook (2) Regional exploration at Wallbrook (3) Bethanga Project (4) Pinnacles and (5) Mt Celia (noting that even Celia had low key work undertaken on it in the last 12 months). https://hotcopper.com.au/threads/ann-annual-report-to-shareholders.6973390/
I invested in NXM predominantly due to Wallbrook. Andy appears pretty excited about Bethanga and the surrounding areas. If Andy thinks that it is potentially more exciting that Wallbrook, isn't this a great cause for celebration?
More than anything, Andy appears methodical. He is slowly chipping away just as he says he will. For example, see slide 7 of 17 of the RIU presentation dated 14 February 2023. https://hotcopper.com.au/documentembed?id=uOMxKKzFkiWRTLKhOROKAxjvTDYL4g26yxD3v%2Flh8rFiGug%3D NXM is undertaking a methodical approach to monetising the Crusader-Templar deposit, and will then do it for Branches, Solomon and other prospects in MC1 - MC5. NXM is now doing exactlty the same thing over East. Instead of getting laser focused on one project (Wallbrook) Andy and the team have kept their eys open to other potential opportunites. Bethanga (originally a copper / gold play) is now being looked at for a variety of other minerals as well, over a massively expanded area.
I dont't love missed deadlines, but having missed them hundreds of times myself, and having people miss them hundreds of time when I am relying on them, things happen. Do I think it is some sinister event? No. Add to the fact that we are sitting around the Easter break when a lot of people take time off, it really feels like a non-issue, and when put in perspective of the above, I just don't see a reason to be scared or upset. Again, if I had excess cash right now, NXM would be one of my strong buys. Unreasonable lows, upcoming news flow and a (potentially) massive future ahead of it.
NXM Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
