Ann: Change in substantial holding, page-21

It's clear NST is excited about exploration success around its Jundee mine. NST has a strong balance sheet, growing cash reserves and now they want more growth. Most of the growth in recent years has been through organic exploration from their existing mining centres which they bought on the cheap a few years ago and then spent $10s millions drilling for more ounces.

EAR offers NST step-growth by adding an extra mill (with fairly cheap refurb) and sizeable land tenure with potential for multiple high-grade deposits. If NST were able to takeover EAR, NST would control the bulk of the tenure between Bronzewing and Jundee. It would then have greater flexibility to dig the various deposits and exploit the best economics from these deposits by sending ore between these two mills (although Jundee mill will be very busy with existing NST mine plans for years to come).

Here is a repost of @john435's tennure map around the Yandal:


EAR's Lotus-Orelia deposit is just warming up imo. EAR's current $5m diamond drill holes at Lotus-Orelia should yield some more solid results. If EAR can hit some thick and/or high grades deeper down, could be a game changer for EAR's valuation.