Is this the ASX's cheapest gold developer?, page-36

A lot of speculation (or is it hope) that NST will take over EAR. EAR initially acquired a strategic holding in EAR because they wanted to ensure they have first choice of acquiring the Bronzewing plant. NST is unlikely to TO EAR unless there is a benefit to the NST business - that's just common sense right?

I see two possible reasons for them to do so:

1. They need Bronzewing or someone else is interested and they want to make sure they don't lose control. I.e., strategic reason.
2. Acquiring EAR is accretive to NST. I.e., it increases NST value without hurting NSTs bottom line.

As I see it, EAR right now is not profitable in fact the opposite is true so 2 is not a driver.
There seems to be no danger of losing Bronzewing to anyone else at present, so 1 is not a driver.

Things may change following reserve upgrade and the new BFS. However, NST's main objectives are to look after the NST business and NST shareholders and any TO needs to do both.

Their highest priority right now IMO is to make POGO a success. They have much work to do to at POGO to grow reserves and more importantly reduce costs.

EAR is likely to eventually become a part of NST however, just not now.

All of the above is IMO to further discussion and to look at different scenarios so please DYOR.