NEXT is now $143M market cap, after a decline of 67% in the past year and 23% this year alone. It has $12.7M cash but no reported revenue yet and cash flow has been negative since inception. It is developing graphite, vanadium and carbon deposits. It has has no news since a December feasibiltiy study on its Molo graphite mine expansion (Madagascar). It showed an expected return of 31.1% on fairly low capital spending ($161M). While it is small and risky and the company is going to need more capital, we do not have a specific reason for the recent decline.
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