That calculation assumes NXM is purely Crusader-Templar and no...

That calculation assumes NXM is purely Crusader-Templar and no increase in resource is priced in.
The reality is its 175k risked ounces now and up to 790k unrisked ounces, for those 2 tenements only.

$30 EV/Oz is the average.
Stranded assets in the middle of nowhere will be below 30, assets with access infrastructure and mills nearby will be above 30. Wallbrook should be comfortably above average.

Add rest of Wallbrook (Branches, Solomon, 4.1, plus all other MCs etc), Bethanga and the mega LCT Pegamites peg? Say $1-2m?
I'll mark Pinnacles JV, Mt Celia and the Gibb River holdings to zero.

I'm going against these tourists who have taken a sudden interest in NXM and saying it's beginning to look cheap IMO.
Particularly after Strickland's deal which shows that NST have the appetite.