Haven’t really looked into NTL before. Had a look through some of the old NZP&M reports. Lots of hard work has been thrown into developing the mine. Numerous JV’s but just about always found to be too small to be developed and relinquished.
A bit cynically narrow vein deposits like Maria exhibit extreme grade variation over short distances making JORC reserve reporting really difficult. Bit of a winners curse because if it had no hopes you could just relinquish, move on and sleep well but it is just tempting enough to keep you on the hook. Perfect for a small explorer to haul in small amounts of shareholders money to keep the wages being paid but never enough capital to develop a mine.
Find it interesting that even in 1976 Southern Cross Minerals who had the area permitted withdrew from the area because of environmental pressure groups. Do you think consenting will be easier now than in mid 1970s?
Numerous modern exploration efforts since 1971 but still no working mine at Talisman is pretty undeniable.
If we contrast that to Oceana Gold who is desperate to keep Martha infrastructure feed and they have preferred to explore WKP. Another similar steeply dipping narrow vein deposit but with heaps more potential reserves. They have said it would take 8 years to develop, plenty of old shafts and adits in the area so not unique to Talisman.
Do NTL holders think the company can get a mine negotiated, consented and operating faster than Oceania Gold? If not, I would guess it’s 8 years of capital raises until the job is done. That is if shareholders hold their feet to the fire.
NTL is a hard pass for me but I am ever the optimist. With enough capital and a decent overhead structure (private family run company) it could be a profitable small mine for someone and provide much needed jobs and royalties for the country.
Last note suggest holders look at the sums needed for infrastructure for an underground mine and think how much cash NTL has:
https://www.rnz.co.nz/news/national/...for-gold-again