NAE (ASX) Ann: Positive Redmoor Study Results &amp; Re-commencement of drilling

Originally posted by Realbarrow ↑

I sent Gary a email a few days ago, I wasn't sure I would get a response but was going to give it a go.
Gary emailed back the next day and was able to give a good reply (without breaking any disclosure rules) to questions I had asked.
Below is my email and then his return, all information is not anything that isn't known but just reaffirming NAE's aims, efforts & commitments.

Hi Gary

I have held stock of NAE since March 2017.
It looks to be a hard road that we are traveling!
At this point in time it is strange that our SP is so low.
I think a lot hinges on what you are able to put together regarding being able to maintain our 50% J/V share.
Good luck with this, hope you can announce a favourable outcome soon.
Was wondering is it possible to obtain UK Gov. funding to help progress the J/V project as it would have a massive impact on the local economy by generating work and therefore taxes!
Even tax incentives would be a help.
I'm sure that this would have been looked at, but cannot find any reference to what was obtained or outcomes.
If possible & I know funding is pretty limited at the moment, has anything been planned to promote what NAE has on the project front as it is looking very good but not much attention has came our way.
After our SSP CR in May last year, we have fallen right of the radar, so once the announcement on being able to hold 50% & or Lochinvar progress is made we would do well to tell the market.
I thought the CRL community update was a great read and would do well to be included in our announcements? http://www.strategicminerals.net/files/180503_Cornwall_Resources_Community_Update_v1.8.pdf
I understand for disclosure issues there is a lot that cannot be disclosed but any feed back would be greatly appreciated.
Regards

Hi Realbarrow

Nice to hear from you.

Agree that our low SP at the moment is disappointing. As you say the uncertainty on funding to retain NAE 50% share of Redmoor is no doubt a factor – please be assured that it is NAE’s intention to fund it’s £332K share of the Phase 1 Drilling by end of August to retain our 50% share in the Redmoor project and we are working on getting this done ASAP and advise the market accordingly.

As we have said a few times in the past, we have been working for a while now on trying to get an outcome on Lochinvar that would bring value to shareholders. We have reached advanced stages of discussion but unfortunately have not been able to close anything to date. We have not given up and will keep trying though!

Re UK Gov funding we have enquired about this on a number of occasions with UK Govt Dept of Trade and Foreign Investment. There are tax incentives for when the project is built and also UK Govt has a R&D Tax rebate scheme under which we were able to get around £500K cash back on Lochinvar a few years ago as a R&D tax incentive payment. We expect that that a considerable amount of the exploration activities undertaken last year by Cornwall Resources should also be eligible R&D activities and CRL is currently working on putting together a UK R&D claim (albeit it will be < Lochinvar as less has been spent on R&D activities at Redmoor). Unfortunately we have not been able to identify any other sources of government funding that could help at this stage of the Redmoor project. We have also spoken with Scottish Development International about the possibility of Scottish Government funding for Lochinvar but to no avail. It may however be possible to apply for EU (post Brexit maybe not any more?) or UK Govt funding for supporting infrastructure and skills development etc during the construction phase of both Redmoor and Lochinvar projects and that is something we will look at down the track.

I am in the process of setting up an NAE Twitter account where I can post more regular, non price sensitive news on NAE. The CRL Community Update presentation you found is a good example of the type of thing that I intend to start posting on NAE Twitter page. I did actually put the CRL community presentation on the NAE website (homepage under latest presentations) however I don’t think people check the website for updates very often so hopefully the Twitter feed will help get this type of news out more widely to investors.

Also working on promoting the company more generally.

Best regards,
Gary

I also spoke to Gary on the phone and he was more than happy to answer questions that didn't break the disclosure rules.
I found Gary very easy to talk to & only to happy to help.
Will continue to pick up NAE shares as funds allow.

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The issue with this stock is imho Gary's judgement, or lack of it. Was so poorly punished by the market and his shareholders on his poorly timed raise- and for short memories the entire registry stumped up only $30k from memory- that's just extraordinary never seen such a poor participation rate ever.

And knowing the participation rate was so poor- one would think management would tell the market ....look we only raised $30k....however all directors have taken their full entitlement plus shortfall .....directors bought none in the raise......And Gary is on a very large wage for such a small cap stock so no excuses there

The market doesn't have an NAE project issue imho- it has a management issue

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