Personal highlights from the Offer Document + Exploration Update

It's hard for me to pick out my favourite parts from the offer document (https://nzx.com/files/attachments/235905.pdf) but here are some of the bits I find really interesting. Lots of images here so sorry about using all your data I suggest people read the whole thing, I am a shareholder so I am clearly gold-fever biased!

I have added some highlighting to the bits I read closely. My baseline calculations (dyor) I are that NTL's $2.1m requirement to fund its bulk sampling project leaves an implied share price of 1.2 cents after cap raise not taking into account upside from a potential Rahu JV, being a producer, potential to find high grade stockpiles down the mine or the potential to improve upon their conservative cash flow estimates ($23m free cash after completion of bulk sampling with average grades of 11g/ton of gold - see the update, they may be to to improve this ).

The way I see it the more money NTL gets in the rights issue, the more it can do to upscale and progress and the more upside I will get as a shareholder. The extension has provided me with a very fortunate opportunity to take some profits elsewhere to make a larger application in the rights issue application (I am going for shortfall, for all those who aren't taking them up ).

So, here are some highlights for me:


Summary of the Talisman mining permit area, on page 11 of the offer document PDF file.


Summary of nearby infrastructure on page 11 of the offer document PDF file.


Summary and diagram of the major veins in the Talisman mining permit area (refer also to the Exploration Update which I will also write about) Page 12 of the offer document PDF file.


Diagram of the bulk sampling area. NTL knows more than anyone about mining in this permit area now thanks to their historic research (refer also to the Exploration Update while I cover elsewhere) Page 13 of the offer document PDF file.


Bulk sampling and mining timeline - something to hold the company to, I certainly will be comparing progress to this. Page 14 of the offer document PDF file.


Good info here. 345 grams per ton of ore, wow. Page 14 of the offer document PDF file.



Further comments on bulk sampling, grades and potential to pull out some big, readily available stockpiled high grade ore Page 16 of the offer document PDF file.