It's impossible to buy a  company like NML with so much...

It's impossible to buy a  company like NML with so much potential right out at current share price.

A bidding war is highly possible, if one offer is done, then others will follow. Mergers & acquisitions can happen in the area at any time. This is a corporate thing. There are many other big guys already involved in the area. 

Even CYL should be under pressure as its Four Eagle project is an exceptional project, and it could be taken over at any time as well. NML and CYL can be taken over at the same time. There are many possibilities. 

This is how it happens in the resources area; when a very prospective area is discovered (for any resources) by junior explorers, starting from the best ones, the explorers will be taken over one by one, and we may see entertaining bidding wars too.

I have seen this in coal seam gas sector between 2008 and 2011 especially in QLD. I am sure similar stories happened in the gold sector too, this is the story I have been a witness of.

• BG Group took over QLD Gas Co. for $5.2b.
• Pure Energy was exploring the surrounding area of QLD Gas and Arrow Energy in the area, they have proved very good resources.
• Pure Energy (had $20m market cap in 2008) was taken over for $1b by BG Group in 2010 after a bidding war between BG Group and Arrow Energy. 
• Then Arrow Energy was taken over by Shell.
• Then BG Group was taken over by Shell.

• Result: Pure Energy shareholders made a fortune out of this bidding war, The sides who made the bidding war and paid huge money to Pure Energy, were both taken over by Shell. 
• The answer of question "Why Shell didn't act at the beginning and took over all these companies at much cheaper prices" is a mystery. 

Many other acquisitions happened in the coal seam gas sector and consolidation was completed.

Now the same thing may happen in VIC gold fields. The big gold producers might be watching very closely and already planning to make acquisitions.

What NML should do now is to focus on drilling of Tandarra to prove more resources as it has a very high GCOS (Geological Chance of Success).

Good luck to everyone