phase 1 has big upside

2.82 million tons for 41,600 oz = .01474 oz per ton
at a 55% recovery that is .008oz per ton or .25grams per ton

So conservatively working on $A1300 an ounce per Au that is $10.54 a ton in revenue

costs are around $7.85 a ton (sourced from AGM 2009)

$10.54 - 7.85 = $2.69 in free cashflow per ton

$2.69 * 2.82 MT = $7.7M in cashflow

less $2M for CAPEX is $5.7M added to Nexs bottom line

However a larger sample assay reading showed the ore was 1.09 grams a ton Au (soure March quarterly report)
If that was to prove sustainable in the mining the free cashflow would be

2.82MT * 1.09 grams a ton * 55% recovery = 54535 oz Au

= 0.0193 oz per ton of Au recovered

= $25.00 a ton in revenue at A$1500 an oz of Au

=$25.00 less $7.85 in costs = $17.29 per ton in free cashflow

$17.29 * $2.82Mt = $48.7 Million!
Less $2M for capex is $46.7 Million in free cashflow over 18 months from a company with a CAP of $17M and no debt to speak of.