This stock looks completely undervalued in the current gold...

This stock looks completely undervalued in the current gold price market.

With $10.23m in cash and a market cap ~$22m, it looks underpriced at face value. Adding in the recent successful drilling at Crusader and the potential upside of the Wallbrook Project, NXM is definitely undervalued compared to peers like YRL (market cap ~$50m).

The recent announcement regarding Pinnacles wasn’t received well by shareholders hoping for near term production but the recent drilling at Crusader has demonstrated that mineralisation there is of considerable potential mining width, considering multiple mineralised lodes have been intersected. This demonstrates to me that NXM Management made the right decision to shift focus away from Pinnacles where mineralisation was very narrow, instead focussing on higher probability of mining projects like Crusader. I also like the look of Templar along strike from Crusader.

Ive topped up this morning as I think the sellers are thinning out. Monitor this space for those wanting an entry point.