ree expert required, page-4

Would agree with Juk. Overall looks ok, some issues that stick out to me are

Overall ree grades seem to be in the 1-3%, on current drilling resource could average 2-3% - higher would be better. (they have trumpeted the couple of high grade holes as most do in the industry)

Lower % of higher value ree

As juk eludes too, mineral combo's may be complicated, its taken ARU a lot of time and $ and determination (not to be under estimated) to nut out nolans.

Again it has potential, personally I would not attribute more than 10-20cps to it at this stage, which IMO makes NAV a tad expensive given where mertondale currently is, obviously has good upside though.

hope that helps, I'm no expert.