Ann: Lochinvar Coking Coal Project - 2017-18 Exploration Program, page-110

Hey Megagem,

There is a new report on the NAE website by SPAngle giving a "sum of parts" estimate for SML.  This was posted on 18.05.17 and NAE quietly added it to their webpage which I think is a subtle clue

http://nae.net.au/wp-content/uploads/2017/05/SP-Angel-Research-Note-on-SML.pdf

If we do a similar "sum of parts" for NAE :

Redmoor
As it stands now, SPAngle estimate SML's part of Redmoor is estimate between  $6.12 Mil Pounds and $8.21 mil pounds (as in their report)

This is between $10.60 AUD and $14.22 AUD , which alone is between 2.95c and 3.18c onto NAE's share price, right now.

I agree though that there is way more potential for Redmoor above this figure also.  

Lochinvar
... whats Lochinvar worth ??
Lochinvar should eventually be worth in the vicinity of $410 mil (total worth) - $229 mil (construction) costs = $181 mil (over 450 Mil shares) = 40c when it is up in running... should it be worth 1/10th of that now ?  ... 4c.. it's got to be more an 1.5c

This latest SPP aside, this is way undervalued and I will be holding... Hope management use it as a wake up call and call to action.

The more and more I look at it, I actually hope they JV with SML for Lochinvar after Redmoor . SML look like movers and shakers and have a great business model (and increasing share price ). That would be exciting !