Hi
@Dynamech,
I'm not trying to give investment advice here but you seem overly pessimistic about NXM moving forward.
If you have been in NXM for 3.5 years, you bought in originally at around 4c (same as me).
Perhaps you topped up or took a more substantial position at a much higher price, only to see the sp slide.
Whatever your situation, i offer this as something to think about;
1.
After the initial euphoria of a discovery, years of drilling ensue to prove up a resource, outline a pit optimisation study, perhaps perform an underground mining study, undertake a PFS and DFS secure funding ...
You may have seen this picture before but i'll add it here anyway, just in case.
Building a
bankable case to extract gold (or anything) takes time and money. Many companies will fail, some will be taken out before they can extract an ounce, and very few make it to the end zone! On average it takes
ten years from discovery to the first ounce poured.
Editing note: I know this as i have lived through ten years of holding (and not selling the highs often enough) with another gold mining company in my portfolio. I'd say, don't let a winner loose just because of short term dips and concur with
@Maccajohn's post above 100%.
One important thing i like about NXM is their symbiotic relationship with then SAR and now apparently with NST. (The uptake in the last CR by NST was important imo).
2. On the 8th of July 2019, NXM released a maiden JORC compliant resource of 2.17Mt @ 1.22g/t for 85KOz of which
54% was indicated. Now that sounds small i know ($A225M at current prices ... less CAPEX etc.) That was calculated over a strike of
just 600m at Crusader.
Now, since then, Crusader and Templar have been confirmed as one deposit stretching for more than
1.6kms, four more mineralised corridors have been discovered, most assays (barring the deep DD holes ((partially funded by EIS grants)) ) have returned very good results and the company has ticked off everything they have promised so far.
3. I have down loaded all the Paint holes and will map them (when i have time ... hopefully this week) in a similar manner to this:
https://hotcopper.com.au/posts/38403903/single... and will happily forward you the KML file to load into Google Earth
Perhaps it will show a pattern which may indicate prospective areas to be drilled?
I have also emailed Andy and Lara, the corporate communications officer, for some detail regarding plans for Paint this year. When i get a response i'll be sure to communicate it with you.
At the end of the day, you need to do what is best for you.
Before i buy any shares, i always ask myself what is my goal, why do i want part of this company, what is my stop loss in case i got it wrong, does the company deliver on promises and what has changed since i first bought in?
I think there will be many opportunities to top up over the next 18 months as the game plays out and imho the upside far outweighs the downside at these prices.
I have very positive thoughts about NXM moving forward. All this from a guy who still considers himself a
newbie after 20 years.
All the best with your decision regarding your holding.
Perdy
