Indeed you have to feel a bit sorry for the HAW/GEL JV.
NXM management have said that they kept Pinnacles/Wallbrook on the shelf until gold went up.
HAW/GEL achieved close to breakeven on their efforts when the gold price was AU$1650 or so. It is now AU$1000+ higher which I presume will be the strong margin NXM earns per ounce for its efforts.
HAW was also only a 70% owner so they saw even less at the end.
And who can forget that NXM is a 90% holder rather than 70% of its tenements, and 100% in some cases?
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