Strategic Review, page-20

Anatol, my apologies I got carried away it seems.
My post should have read ‘NML management own and have support from about 35% of NML stock’.

Your point about the difficulty of t/o is also correct although I personally believe the stock has been very stridently manipulated for some time now to keep the stock at low prices and frustrate the shareholder base. NML have publically stated that they are working towards  a mid year multi million ounce reserve stat ement. Given the results on multiple project fronts, this is, in my opinion likely to be met. Let’s assume multi means 2 million ounces, ie gross value $2.6 billion US. With a $25m MC, thats about 0.6% of resource value or USD10 per ounce without considering resource upside, cash etc. Look at comparative enterprise values; doesn’t make sense. Alternatively look at break up value. IMO it’s min 3 times current MC. All just IMO.