FWIW, the share price of NRW often appears to ignore news like...

FWIW, the share price of NRW often appears to ignore news like this for a while but generally a few months afterwards has 'absorbed' it.

If we assume this goes ahead - Empire if the only example I can think of where NRW didn't follow through on a preliminary announcement?

..and if we assume it's a solid reasonable-margin contract - NRW track record, the fact that they have explicitly said they are more conservative these days after Samsung and also the fact that the company is not desperate for work at all makes me feel pretty comfortable in spite of the history of these coal mines (my 2 cents only, no insight here)

Then this is a +$100m p.a. a year contract for a company which is roughly 15% of expected revenue and it has the potential to turn into a longer term mining contract. It also appears to be related to future potential mine development. This is the the stuff of long term revenue growth.

All up, for me the main thing (as I've said before) is I am now a holder because the investment idea that the potential of expanding mining and infrastructure work is not fairly reflected in the price. As the 'potential' turns to reality as new contracts land one at a time then the market will recognise the value. However this happens in a 'lumpy' way - primarily triggered by new larger investors deciding the revenue growth is really happening but the price is behind (so they see value).

When/if this new win is confirmed in April, my base valuation will go from $1.80 to $2.00 based on this specific increase in revenue and also increasing confidence of further revenue wins.

DYOR etc,
cheers
pb

p.s. Sabine, I like your note on that new EGM - I went back and reviewed and I like the line in the report "Appointed EGM and other key operational staff ahead of expected increased project activity in Western Australia" is a 'nice smell' for WA work upcoming. Nothing good would surprise me now