NST deal - credibility, creditworthiness and institutionalisation

please see some thoughts on the NST deal today
- always good when 20bn plus company signs a earn in jv with a 40m aus explorer.
- the NST deal provides financial creditworthiness for the project now enabling Alaska to be funded into production
- it supplements and provides backing of the the skills of the management team (as otherwise they would have done a tender offer)
- the 5 year exploration program (if required) highlights the potential exploration upside that NST sees
- the implied valuation for initial 5m usd stake for 15 percent is 55m aud (close to where the shares peaked today - not closed). this excludes Nevada assets and enables potential realisation of the 625 m aud noted in the feasibility study.
- this reduces the binary risk of bankruptcy, which a lot of investors were concerned about
- the shares rallied strongly into the annoucment today post NST providing the debt a couple of months ago. today's share price reaction suggests - buy the rumour - sell the fact.
- I suspect there have been a lot of day traders playing the stock over the past months, however with this JV I think this could lead to a real institutionalisation of the shareholder base
- key risk is that NST don't renew post the first year, however I suspect after 6 months of negotiation that it would be highly unlikely for NST to pullout with such a short drilling season in 2025. (albeit I am still hurt by Lundin a couple of years ago.)
- copper and gold are the right places to be
- hopeful the drilling results will be attractive going forward

congrats to management team on pulling this off.

as a side note I hope that Johndone never comments again on this chat group.