TAM Overview, page-4

If they lost then you'd imagine an appeal by TAM & if they win it would be unlikely that Metal X would appeal. This would attract attention from a broader audience if Metal X were to win round 1 as it would go to the heart of shareholder protections written into 11.2 listing rules of the ASX - IMO TAM would/should appeal if that were to happen and not just for themselves..

As for the sp you'd expect it to be North of here and as an NST holder I would imagine NST swallowing them anyway so a premium TO would see NST offer around 6-7c a share if it was done before the mine happened and I'd see that timeline as being after the November case when I also believe Metal X will not get across the line. If gold keeps going up though we may well see TAM get up to 6c before November which then would see an NST offer of around 8-9c maybe even 10c... NST don't need to muck around with TAM if the mine is 100% go - cheaper and easier for them to swallow them whole IMO..