Ann: Quarterly Activities and Cashflow Report, page-3

Timing is everything.

"Tungsten has rallied 65% since the start of 2017... The NAE Directors expect there to be continued regulatory pressure on Chinese supply, in a similar fashion to Chinese regulation of its metallurgical coal production over the past 12 months. This, coupled with ongoing global demand growth for tungsten, is ideal timing for the Redmoor project, where a number of the recently announced high grade drilling results are starting to show that higher levels of tungsten may be present in the deposit. The Redmoor deposit contains tin, tungsten and copper."