Is this the ASX's cheapest gold developer?, page-15

Agree. NST is carrying a very high valuation right now and whilst it's the darling of the ASX gold sector, there's a risk that it'll come back down to sensible valuation territory when the enthusiasm wanes a little. So if they're going to move with a cash and scrip offer, it's surely in everyone's interest to do it sooner rather than later... unless they're deadest that they'll continue to grow at rates that justify this valuation.

And the longer that EAR are left untouched, the higher the risk (to NST) that we too receive fair valuation which pushes us much higher than today. So if we move north while NST moves south, the deal will look more and more unattractive to EAR SH.

I doubt my timing is that sharp but it could happen soon. Before debt financing would be best for NST so they can finance the development independently and not be encumbered by unwanted lenders.