My first thought also was: Complete Disaster (very disappointed)..…. NWR management have been consistently informing investors that the reserve upgrade would be to >300 koz and that the project was viable and therefore subject to an Action Plan to accelerate development etc. The revelation of much-lower-than-expected grades at depth is a serious blow and raises the question that the project is actually not viable (this is why drilling is suspended - to prevent potentially wasting more money). I feel that management over-hyped this one.
On a positive note, the company has $9m is cash (raised at 22 cps) and the market cap is only $14m (at 10.5 cps). Considering this, and the development potential at Blue Spec Shear, I will not be selling at the moment.
Thanks for the info and opinions on this board.
Bayer.
NWR Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
