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Incredible how I've been saying for years that Hanno's timelines are a joke, and yet I don't trade stocks like nccl nearly enough. The false timings keep people from trading the stock, which is clearly why so many ceo's provide them. And yet they mange to keep you invested. And as deadline starts to disappear in your rear view you then find the sp has dropped to such a point that you can't be bothered trying to trade, and perversely end up buying more because news is due and it's now in 'bargain' territory. When I take the time to analyze the psychology driving the market and my own actions it's quite fascinating. And f'ing annoying. GLA

Tony, thanks for your sp valuation given poo and expected cf. To think if we're to stay at the same under-valued rate we should be 9p given the current poo, only serves to reinforce the importance of getting some numbers out to the market. Unless of course the bod have been talking **** (again). They have an opportunity to reward their PI base, who have borne the brunt of their poor decisions and broken promises. And yet they stay silent, even after missing their own timings. The fact they often refer to the sp not reflecting true value only irritates further. It's their job to build shareholder value by providing the market with actual numbers, not forecasts via some bottom feeding house broker. Their words are worth very little to the market, which should be a source of embarrassment, and serve as motivation for them to actually deliver on their claims. Anyway, they have to update the market at some point so I guess we'll see what they're made of soon enough. GLA

We'll only know whether there's more upside then downside when the bod have worked out how much cash we're generating and decide to release to the market. The cynic in me says they've been talking absolute g@rbage again and the assets aren't as commercially attractive as they've led everyone to believe. So they're now holding out on releasing any news to provide some 'padding' to the numbers from the recent spike in poo. I really don't understand why they can't provide a production and financial update to the market given we've been in possession of the Gain assets for going on 6 months. And we have the same team managing them. One would hope they know the fcf being generated by now. If there's something holding up the release of financials then deliver it later. I think PIs have waited long enough for some good news from the bod (providing they deliver on their promises for once).

Topsharepicks, you've already won the m@r@n of the day award. And you'll definitely be in the running for the annual award. Well done.

I wouldn't drop the updates Chris, I think everyone here values your point of view, myself included. As for 'glass half full', I prefer 'glass full of reality', and the reality of nccl, for all its potential, is one of delays. Also, for all the talk of inflection points, and being under-valued, the pr here is pretty woeful. No point saying 'we're under-valued' when you're not doing anything as a company to attract investment and build value. I'm pretty sure most PIs would prefer if we weren't 'under the radar'. It's the company responsibility to put us on the radar, not f'ing twitter groups. Anyway, I've been saying that I didn't expect news in line with Hanno's latest claims. But I do see us getting over the line at some point in the future, and that's all that matters. GLA

Hi Tony, can't disagree with your projections providing the Mirabaud numbers are accurate. The problem is these numbers and any associated valuations by PIs are based on a house broker report, and not numbers provided by the company. Most house broker reports I value less than @ss wipe. Many on here think the numbers must have been provided by i3e, but there's no proof of this, and until the company themselves provide commercials we will remain under-valued. It's because the market, and many PIs, still see the bod as a pair of dodgy chancers. And the overdue news combined with their silence is doing nothing to change that perception.

Any target depends on commercials piohc, which is what we're waiting on. People can say 10, 20, 30, 50p. The sp will be underpinned by fcf and dividend, so no-one knows the underlying value of the company until these numbers are released. Any upside will then come from f/o, exploration and acquisition. It's why everyone is so annoyed with these guys. Lots of talk and promises over many months, but so far nothing of substance has been provided.

Thanks duster, I'll take a look.

Very simple Daisy, the first major de-risking event for the market hasn't been delivered yet i.e. tariff sign-off. Everything else isn't worth much until a value has been placed on what we're intending to sell. Tariff approval shows Moz commitment to the project and underpins the commercials. However the PPA and PCA (following tariff approval) are also key to unlocking value as they are binding commitments to the commercial elements of the project. Until Hanno delivers the tariff approval, and not some 'in principle' bull**** we will bounce around at this level. They can deliver the EPC & O&M contracts (well over-due) and we'll only get a small rise then drop back as we wait for the tariff to be signed off. It's true there's huge value to be unlocked, however it's not inconceivable that the whole thing could fall over. Still high risk / high reward, however the risk has been consistently reduced over the past couple of years. You need the patience of a saint here though. Nccl have never met their timings, which is why I won't be surprised if we haven't even heard from EDM before the end of the quarter, and we're still waiting on tariff approval in H2. After all we're half way through Q1, and still haven't heard a squeak. GLA

Nope. PIs have every right to be p!ssed off with mgt. They provided the timeline to deliver the only info that really matters - fcf and dividend payment. Promises they made over 5 months ago. They so far haven't delivered anything of substance. No point producing +9kboepd if most of them are uneconomical at a relatively modest poo. We simply don't know the commercials of the assets and the bod hasn't delivered on their own stated timelines. They have let PIs down on a number of occasions. They so far are letting them down again on timings. They had better not provide some bull**** commercials in this next update. I'm expecting fcf to be at or very near the modelling they gave to Mirabaud to promote to the market. Anything else and they'll have proven themselves to be incompetent, charlatans or a combination of the two. GLA

Nope. PIs have every right to be p!ssed off with mgt. They provided the timeline to deliver the only info that really matters - fcf and dividend payment. Promises they made over 5 months ago. They so far haven't delivered anything of substance. No point producing +9kboepd if most of them are uneconomical at a relatively modest poo. We simply don't know the commercials of the assets and the bod hasn't delivered on their own stated timelines. They have let PIs down on a number of occasions. They so far are letting them down again on timings. They had better not provide some bull**** commercials in this next update. I'm expecting fcf to be at or very near the modelling they gave to Mirabaud to promote to the market. Anything else and they'll have proven themselves to be incompetent, charlatans or a combination of the two. GLA

FF, since beginning of November Brent has easily averaged $50 barrel so not sure if bod has any escape avenues. Since beginning of August Brent has exceeded an average price of $45 per barrel, which is what they've used in their models. Either way, they should be delivering better numbers than what they've indicated to the market. In other words they have no excuses.

All I can say is these guys better deliver some good news, and had better not miss their own deadlines, then come out with some b@llocks and miss their own guidance. They have used up all trust and confidence from their PIs. It’s now time they deliver on their words. And soon. GLA

EarlofAim, I see you still don't know what Andrew Trahar does at Zanaga. I'll give you a hint, he's not the CEO. Still laughing.

Why not throw in a f/o on brilliant terms as well Oiler. Just the promised fcf and divi at previously stated levels will suffice.

I think the easiest way for the company to show how undervalued we are is for them to confirm fcf and dividend payment. No need for share buy-backs or director buying if they deliver on their promises. They've had long enough now. It's also clear the share reduction and divi payment will be a 2 month process, so divi payment in Q1 is now unlikely to happen. I really hope they're not delaying things in order to make the financials look better with the recent increase in poo.

Definitely half full today Chris. You can get your sub 5.2p top-up today by the looks of things. Agree the company could at least put out a positive tweet, or something to say things are happening behind the scenes and the plan is still on track (if not a little delayed). GLA

I think I may have hurt RAMBO's feelings. Maybe the heat in RAMBO's kitchen got a bit too much :) GLA

Starting to look like another pointless set timings plan provided by Hanno. Imagine a day that nccl actually delivers something in-line with their timings... As good as my imagination is, I'm not sure it can stretch that far. GLA

Jesus poo is going nuts. If they deliver on their promises we're likely to have quite a re-rate here. At 5 x fcf (projected at current poo) we're sitting at a value of 12p. It's quite ridiculous to value us at 5 x fcf given our incredibly low debt level, reserves, and exploration upside, but even if that was to happen it's still an easy double from here. What the hell could we be missing...?