Rahu Project, page-9

This is only partially true.

NCM holds on trust a 20% beneficial interest in the tenement in favour of NTL. If the JV does not proceed NTL gets back 100% the permit (with NZPAM approval).

Reality is that NTL have said that at depth there is a contiguous resource from Talisman mine into Rahu. They drew the permits around Rahu and ditched the rest (later taken up by Laneway who have found nothing yet).

I trust NTL drew the Rahu permit for a reason - replication at depth.