Strategic Review, page-35

Guys what happens behind the scenes is quite complicated than what we can think of. 

When I make a little bit more research I have found that Campbell Olsen is playing a major role in this game.

While Olsen is the CEO of Arete Capital Partners of Huge Morgan (who owns the Stawell Gold Mine), he is also a director of VBS Exchange Pty. Ltd. which is owned by Victor Smorgon Group.

See here: Bloomberg; Company Overview of VBS Exchange Pty. Ltd.

Campbell Olsen was appointed as the nominee director of VBS on 19 April 2018 which happened right after Arete Capital and Smorgon Group made a strategic partnership in Alta Zinc (AZI.ASX) on April 13 2018 when Campbell Olsen was also appointed a director in AZI. 

We know the share structure of NML from Sept. 2018 Top 20 list. 

Crocodile Gold Aust. P/L (Kirkland Lake) owns ................ 10.59% 
VBS Exchange P/L (Smorgon Group) owns ..................... 10.59% 

We can clearly see that there is no another  substantial holder close to 10%.

I think Campbell Olsen confused about whom he was talking on behalf of, while he was actually talking about Arete Capitals Partners. That could be it. 

Whether it was a confusion or not, the strategic partnership between Arete Capital and Smorgon Group and the directorship of Campbell Olsen in both companies tell me that NML is being under very strong interest of the owners of Stawell Gold Mine (Arete) through Smorgon Group's 10% shares in NML. 

I am hoping that Kirkland Lake management is well aware of this situation and will make the necessary action for not staying behind.