Who should NST buy?, page-21

RE EAR : In my opinion a bid wouldn't come until after the BFS is released as with a director on the board the optics wouldn't look good to the regulators. I expect a move to around the mid 30s before and after the BFS comes out, I would then expect an industry standard 40% increase on VWAP for the initial bid so likely high 40s to low 50s.. All my opinion and pure speculation, the synergies make sense and even at a 250 million dollar spend NST would add circa 10% to annual production and add another asset with 10 years + mine life... A matter of time in my opinion as it was with EVN and Phoenix gold