Yup. Depends if you follow the LIFO trading method. They...

Yup. Depends if you follow the LIFO trading method. They participated in the SOLG raise at ~1p & sold somewhere around ~40p. I mean, DGR created SOLG so the majority of their stake is free carry, but apparently DGR employees are money sucking grubs, using their geologist brains to steal money from shareholders, so each to his own.

I was also trying to illustrate that by definition they do the opposite of what was suggested by the OP.

They floated AJQ for 50c. These funds were recycled back into the factory. They have just pumped a heap back into AJQ & ANW at heavily discounted prices to historical valuations, and these funds in turn shore up the value of DGR's existing investments in these co's.

The participation in the IRR raising seemed a tad unusual to me, however I'd suggest this indicates NM knows there is much more growth to come.

I appreciate with the OBS takeover we probably didnt receive full value, and that there have been some mistakes made in the past, but I think the size of SOLG now is simply too massive to allow previous valuation methods of DGR to be applied.

Without applying any takeover premium whatsoever to SOLG, and indeed assuming they aren't taken out soon, they can still happily drip feed themselves with shares til the cows come home.

The expensive 'keeping the lights on' has continued to generate and nourish new offspring. Archer will be next cab off the rank, ANW and AJQ will be supported into production and we will have increased exposure at a lower cost than when we floated these entities.

The talk of dividends or capital returns is irrelevant to me. We were at a a different/weak/needy stage when OBS takeover occurred, and prior to this some of the CR's were pretty hurtful for holders who couldn't or didn't participate.

What escapes me is that in the Tech world if you had an equivalent management that was capable of hitting multiple hundred million $ home runs (SOLG will be billion+) would you penalise that team for paying themselves a couple of million in wages and allowing them to back themselves in for success and create an investment cartel to ensure backing to future raises?

I'd suggest that a team like that would attract a significant premium to NTA.

All that said, the valuation across the journey has remained largely at 40-50%, and people have the right to believe that will continue. The great thing about a market is we all can vote with our $$.