Strategic Review

It’s easy to see following today’s LL update that NML will struggle to do justice to what is shaping as a major gold discovery (or series of discoveries) on the Irvine leases whilst also developing Tandarra. 

So, the obvious thing is to negotiate a sale of Tandarra, presumably to CYL but others (KLA, SBM, CHN) May well also be interested. A compelling issue will be price though. CYL provides a relative worth for Tandarra, take out their 50% of Four Eagles at say 2/3 of their $110m MC and half Tandarra is worth $40m? Strange that that is nearly double NML MC on its own. Happy to hear other ideas!