A sales agreement resulting in cash in hand would show NSL has...

A sales agreement resulting in cash in hand would show NSL has some capability to convert talk to walk. An offtake agreement with ongoing cash payments would be the start of a re-rate.
NSL has failed to demonstrate an ability by mgmt to convert 'deals' to cash. Until something other than bank fees, expenses and CRs go through the cheque account, mgmt has no basis for any credibility. No credibility, no SP improvement.