From a purely takeover perspective,TAM holds cash and NST shares...

From a purely takeover perspective,TAM holds cash and NST shares worth around $32m plus c/f tax losses of around $180m valued at say 20% is $36m totaling $68m. So with a current market cap at $55m, their 50k++ oz totally free carried interest (likely to end up being 25%) is not at all priced in at current prices.

IMO their 25% free carried interest could be worth at least $75m+ this may be conservative given they end up holding 25% of the new / referbished plant likely to cost in $100m+, TAM share of this asset would be $25m+ at NO cost to them from my understanding of the farm-in agreement. The plant may also be larger than 150oz pa if NST is confident of increasing resources within the CTP and/or from their surrounding leases.

dyor