Valuation Analysis - NST and SAR Merger 22nd Oct 2020, page-121

As I said in this post Post #: 50702855 $11.72 - $11.45 is possible on my TA.

I foresaw VE needed to sell but I did not think it would lead to a snowball we witnessed the last couple of trading days... This is not just VE selling now. More than likely there will be more selling when the new shares hit the market on the 15th of Feb. The recent POG action, didnt help our cause either...

As for an off-market deal with VE it is possible but I have no idea to whom at this point. Personally if any buyers are interested they should just buy it at market at these prices.

At these prices the board should have a good think of a buy back. We are capitalised enough and well within a "Major" miners perugative and MC to do so. Whilst I would have disagreed with such a move prior to the merger, as the war chest would have given us acquisition optionality. We do not need an acquisition anytime soon. Our runway for growth via the synergies with the SAR assets coupled with the growth pipeline in the presso alone is enough for the next couple of years...