NML is due its interrim results now, last year it was the 28th of this month.

They are setting up a new site to explore/research/analyse and all the equipment to do this should be on site now, and drilling should start soon, all this extra news should be covered in the interims.

does anyone have any further positive views on this company ??

NML may be listed in London but they are registered in Australia. As such, they are obliged to report 4 months after financial year end. Likewise, the notifiable limit is 5% for Australian companies as opposed to 3% for UK registered ones. For this reason, it was easier for the Badenhorst brothers to hold non-notifiable interests and sell their shares without showing their hand to the shareholders in the process.

I would speculate that Healy's presence in the UK has more to do with fund raising than anything else. I doubt that he would be needed at the sharp end as a number cruncher and the company is desparate for fresh working capital.

As for the questions, it has been noted that the questions being sent to the management are the very same ones that were posed by Andy and myself earlier this year and instantly attacked by the regular shareholders. So it is quite hypocritical for the shareholders to adopt these questions without acknowledging that they were wrong to attack the questions in the first place.

You'll note that I did not say an obitiary notice was to be posted in my posts. Other people have suggested that NML is about to go under. Certainly the prospects would not look good if they were forced to obtain finance from the usual sources, banks, institutional placings or private placings. NML has a 'tame' placee in the form of Al-Wakalah. The question is, is this director willing to take on more shares and just how many and what price? As I've said before, it depends on if they've finished mining the shareholders rather than the diamonds!

NML is not bust. They could go bust if they were forced to raise funds like other minexs, but either way, they are unikely to do so. I think you are wrong to suggest that Andy and I consider that NML will fail. Someone has not finished playing their hand yet and there's a lot of money at stake here.

NML does not have many kimberlites compared to others in the nearby area. Take Xceldiam as an example. Their territory contains 8 known kimberlites in a cluster directly north of Alto Cuilo and another 90 targets. I count eight clusters in total. There's no guarantee that any of these are diamoniferous, but then they have as much claim to say that they are as NML do, because they are 40 km from Catoca, compared to C9's 25km. Most of the anomalies discovered are in the direct line of the Lucapa Corridor, which is known to be the most promising prospective region of Angola. With Alrosa to the west and Petra/BHP to the South, the prospects for Xceldiam look pretty good. Even if half of their targets turn out to kimberlites, then that's quite a few. If one tenth are diamondiferous, then they are laughing and if 3% are economic, then they are likely to be extremely wealthy.

Until NML does a similar aerial survey, they only have three kimberlites recorded. I suspect that any JV major will fork out the cash to allow a full survey to be completed. But if they are going to do that, they'd want to see some microdiamonds in the core samples first and enough drill holes to define the size of the kimberlite. Even if NML were to announce the drill had arrived and started work, you're months away from hearing any news on the drilling.

In the meanwhile, NML need money and the share price is bound to suffer. What with the Final Results as well, you ought to prepare for a very rough ride. Even Ianwc suggested he would sell out if they hadn't achieved anything by Christmas. IMO, I believe you will be losing quite a few of the other shareholders too. English Bigblls didn't have big enough balls to stay with it. I wonder how many others are going to stick with it when they could make richer pickings elsewhere?

So we have a clear-as-mud assortment of news today:-

John Cross has gone, temporarily(?) replaced by Shane Healey as MD/CEO. What did he do wrong? I think he started kimberlite exploration without a licence, thinking he needed to get in there to ward off Alrosa - which he seems to have done, albeit illegitimately. Endiama with a 51% interest must have been able to stop Cross doing this if they'd wanted, but they didn't. Meanwhile it is Endiama who have made them back off the kimberlite exploration, it seems. Confusing!

Now NML are going back to alluvial dredging which they should have stuck to since starting at beginning of April and would have produced some positive cashflow by now, having instead geared up and frittered away the working capital on getting nowhere on the kimberlites.

There seesm to be a glimmer of hope that Endiama will grant them an exploration licence if they can get Alrose into a jv - which seems likely they would be interested, being on the adjacent large concesssion and having a good handle on the geology which seems to be positive.

Why don't Endiama just squeeze out NML and get right into bed with Alrosa on the C9 concession?

These thoughts are what my simple mind is able to piece together from the various RNS this year. However, it leaves me in no clearer state of mind as to what the prospects are for NML and its much beleaguered SP. Anyone out there able to explain what is going on, please?

Thanks

sd

Amities ? While there have been a glaring number of mining successes emanating from the lightly regulated AIM junior market NML always was an utter stinker . Having already on several occassions given my reasoning as to why this dog should be put down out of its mercy i think we shall see the begining of its demise this next couple of weeks { prob. in the aftermath of the 4 month interims }; and consigned to the dustbin where it belongs . This is it: The End / Fin / Kaput - Yet another victim of an ill planned, over ambitious, originally underfinanced project in which the vaccillitating , aimless board { none of whom has a soid mining background} underestimated both the "elements " and mass corruption that is Angola . Albeit the liquidators / administrators will quickly accredit its passing in the post mortem to bankruptcy as a consequence of cashburn , this verdict will hide a mutiple number of variables such as the the REAL origins of the NML demise in its utterly inadequate ORIGINAL financing from the very inception. They have simply ran out of both sources of liquid cash and fiscal instruments to exploit .. No bank would even look at them ; ad talk of placings @ 0.50 to 0.75p would suit asolutely no-one. . l have from EXCELLENT sources within the mining fraternity wich would more than suggest the B Bros did quite well out of the entire saga . " And now the fat lady has stopped singing; and the song is over Whats the bets members of the board wont be available for comment during the next few weeks ? .....@+ J

Oh the cleverness of me, sang Peter Pan to Wendy!

from a poster on ADVFN who is a large shareholder and has spoken to Healy this morning.....

"I'm holding
A 5% or 10% 'free carry' in a C9 kimberlite licence would be very valuable. Apparently there are now thought to be more than 11 anomalies, and the pipe that Catoca were already exploring, before NML 'interfered', is thought to be of very high quality and maybe even up to the size and standard of Catoca itself.

It is highly likely that Alrosa/Catoca will be involved - they are already there, already have the infrastructure and could set up a mining operation in six to nine months as opposed to another major who would need 2 to 3 years.

Although nothing appears guaranteed, the potential prize for co-operating fully with Endiama is very large.

More waiting involved and I am prepared to wait."

Endiama hold 51% and NML have to do what they say....
Apparently one incentive to make sure that NML get a free carry % is that it would look very bad politically for Angola's diamond-producing credentials for one of its early partners to be left out completely.

LOL

Now you see why nml is the CON OF THE NEW MILLENIUM!

I cant stop laughing...ara ha ha ha ha ha ha ha ara ha ha ha ha.!

What a lovely person ASMITH is !
Just had a chat with Healy.
He is surprised that anyone sees the RNS as negative!
Endiama are annoyed at NML parking themselves on the kimberlite.
They have asked Cross and Badenhorst to go.
They have now a new relationship where they are co-operating with Endiama who are the senior partner and hold the licence.
I asked him what chance there was that Endiama would 'do' them and he said that 12 months ago, he would have said it was more likely, but that Endiama are very conscious of Capital Markets and would not want any bad publicity.
Cross and Badenhorst going reduces their costs etc, too....
He added that none of the directors are selling ...

Takahe are you also Mcellan then??

As I see it NML is not worth selling at this price and the only option is to sit it out and wait. IMHO most shareholders will do the same. None of this has been what we expected so the unexpected big profits could still happen. This share has always been a big risk and having waited this long we might as well sit on our hands some more.
Di

Dynamite..yes..I couldn't register as that on here(so I was told, because there already was one).
The understanding I have of it is that the C9 kimberlite is good , that more sampling has to be done and that Endiama do not want NML interfering with the process.
I said to Healy that I thought his RNS was hard to understand! He said"What...you see it as negative?" ...as if I was mad...

It was hard to understand you are right and thank you for clarifying.
Di

I think people should email him and say that they don't understand the RNS...
shanemhealy@yahoo.com

good idea takahe

takahe (and Di) thanks for clarifying - I think it's what I'd worked out for myself, but as you say Healey's RNS was so ambivolent as to induce more suspicion rather than less.

Is the plant now back to work where it should be on the alluvials - producing diamonds, God forbid?

I think I will email him on both issues.

Whaddayareckon a 10% free-carry translate into at the SP level?

sd

SD..your diamond collar is looking a long way away...I am sure you will settle for a diamond leg band the way things are going. I have emailed Shane myself. I will let you know if I have any reply.
Di

Well you are all going to be stunned by this post but I think now is the time to buy.

Here's my email for what it's worth. Did I ask the right questions? Let's see if we get any answers.



Dear Mr Healy

This morning's RNS seems to raise as many questions as it tried to give answers. It appears that the directors (Mr John Cross in particular) moved into the kimberlite area, in a (successful) attempt to drive off Alrosa, but without authorisation from Endiama - both regulator and 51% shareholder. It seems that John Cross and the senior Badenhorst brother have been fired for this aberrant behaviour. It seems that with a great deal of erstwhile absent diplomacy and good behaviour, NML may be allowed a minority share in a JV essentially between Endiama and Alrosa (most likely).

Have I got it right, or is there still something we are not being told? I think it's time for a totally clear statement from the directors to its shareholders about how they are running the company and what it's legitimate prospects are, together with a re-statement of who the directors currently are and what their, the Badenhorst's, and other reportable shareholdings currently are.

Now that the plant is no longer deployed on the kimberlite prospect, is it being re-deployed back on the alluvials where it should have been since commencing in April this year? If not, why not, or how long before it is operational again? Will this produce diamonds? Will this produce revenue? Will this produce net positive cashflow?

Sorry to bombard you with these questions, but it's time we were told everything in plain English, having watched the share price stagger from one rare RNS to another over the last 6 months, while not really knowing what you have been up to.

I assume, as you have been promoted to MD/CEO, albeit temporarily, you are trusted by Endiama to act in the best interests of the company. Could you please now extend that trust for the benefit of private shareholders as well in answering my questions with a further clarifying RNS.

Yours sincerely,

ASMITH...I think you are correct. I am not happy about this, as you can imagine...but I do strongly feel that NML would have got booted out now, if that was going to happen. Healy thinks the sp is ridicuously low and has just been heavily marked down by the MMs over the last few months, dropping it disproportionately to the selling. I said to him that there was some thought that there was a 'mystery seller' at work but he thought that was nonsense. He quoted me figures for several months (he has accurate figures, remember...)

STOCKDOG...good one! In fact....excellent...

Superb post stockdog would b interested at the response.
I hope that shareholders at least get the majority of their investments back imo they will.
Apologies for the silly posts in the past I dont want people to lose their money .

Very magnanimous of you ASMITH2...

BUYS 319K SELLS 156K but still down 26%...!!Ridiculous...The MM manipulation in these small companies is ludicrous..