Ann: Acquisition of South Kalgoorlie Operations from Westgold, page-19

Thanks for your thoughts Esh
NST has been the premier stock in the gold sector, hence investors will pay a premium to own it......with the expectation that the POG will be higher in the future.
As for using script instead of cash to buy South Kalgoorlie.....management are probably keeping cash in reserve for the very reason you outline, they are aggressively expanding operations, hence it would be prudent to keep cash in reserve whilst they execute as you say "transformational" expansions.
Having said that, they have done nothing in recent memory to make investors waiver in their confidence that management will deliver.
Also would not be surprised if they are planning ahead for further take-overs/purchases, particularly if a bit of froth comes into the metal markets.