RE:It will happen when it will happen.After reading the report I can comment. Its very well written with info I didn't know. For those speaking about the low target price...yes its low but the authors math makes sense. I have a differing of opinion on the aggressive discount rate applied to Timok given we are months out from a bankable PFS. As with other analysts ( for good reason) he doesn't apply upside to Bisha exploration, and more importantly Timok UZ and LZ, just whats currently on the books. ( thats all any analyst should do. ) I don't think we will see an equity financing for NSU in the near future as they will have no proplem getting debt financing, and if the bankers want to piece of the play, it will be a private placement, not a market deal or rights offer. The author is being very conservative and admits to such. Thanks Reaper.