I've been watching a lot of the interviews with the SML team. I think it is a little unfair to say that the NAE have done nothing:
- Got the JV with SML
- SML quoted as saying NAE and Gary specifically was instrumental in getting permits etc
- The process of organizing the drilling, permits etc has taken around a year, and drilling started when UK weather started to improve on time
- The drill campaign was scheduled to be around six months long, and they are currently on track with this
- I read the original plan stated that the initial drilling was going to be for 13 holes, and a second phase of 10, with provision for an additional 6. We are on schedule, and the extra two will not delay anything, so if the budget allows, the additional holes provide only more information.
- The Redmoor site is on ground that has mined tin previously. The reason the area wasn't mined further is because of the collapse in tin prices. Tin over the last view years in turning around, and world inventories are at historical lows
SML have three core projects at the moment, cobre, care and redmoor. They class cobre (short term), care (medium), and state redmoor as being the juggernaut, and potential company maker. These guy have lifted their shareprice 10x in the last year, and have made their maiden profit in 2016. I think if they see Redmoor as a potential company maker, then it must hold more value than the current 3m mcap NAE has. That is discounting the coal asset and cash of $1.7m.
Aside from the shareprice and a poorly timed CR, I'm failing to see the doom and gloom at this mcap.
Support on the chart has been at 0.008c, so essentially at the bottom before possibly company changing news.
Sorry for the long post..
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