sushi,NAV is not in the Rare Earth sector at all but it is a...

sushi,

NAV is not in the Rare Earth sector at all but it is a Gold-play with a low-grade resource just below 1 mln oz. Gold price went up recently and this has helped NAV a bit. NAV is far away from becoming a Rare Metal play. I received first hand information from the HK conference saying that Tom has no idea about how to handle Cummins Range. Apparantly he is not aware about the very comprehensive metallurgical work. I was told by a market expert that NAV has to work for at least 5 years to get this work done IF the resource is consistent. Problem is the Fe that has to be regarded as a serious impurity in some parts of the deposit.
In my view NAV is a highly pumped company. Just take a look at the latest presentation where Tom compares the best graded intervals (some only a meter or so) against the average grades of some world-class Rare Earth deposits - I would regard this as misleading even if you have a small footnote.

Cheers

Lenni