Ann: Quarterly Activities Report, page-17

I guess when I read that, the real question you need to ask yourself is a) do you believe the geology is conducive to gold deposits of a decent enough grade to be mined at current prices and b) that you believe the narrative that gold is in a strong macro bull market.
I reckon you are in the positive category for both .

My Thesis for a gold explorer:
1. Find a gold explorer with lots of drilling behind them that have not gone on parabolic runs and have been in a flat line consolidation period for years.
2. Ensure they are in mining friendly jurisdictions or close to existing miners
3. Have proven medium/high grade auger results, from surface.
4. Research within the limits of my capability the grades, depth, width & geology of potential resource.
5. Double check macro tailwinds for gold assumption.
6. I give minimal value to to management because lets face facts...It's a complete penny stock so you naturally get penny stock management. Simple as that.
7. Financials stack up to get them through to the market hype phase.

Current thoughts atm:
1. This won't be mined by the Co. At best they will sell the resource and retain a royalty scheme setup.
2. New Management come on board "buying" their way in. The new director has a history of proving up reserve's in a local and then packaging up in a bow and selling off the asset. Fits MSR's MO perfectly. Of note is this recent someone has a decided to a) select this prospect b) "bought" their way in & c) bought his team with him. Note the "bought" because It's likely free money from a previous deal, so hardly out of pocket I'm certain of that fact.
3. If I were a company of directors who had spent literally years drilling to figure out where the most likely prospects for a resource exists, I would make damn sure I facilitate a) the right people to bring that resource to market and b) ensure the results are released at a time when market conditions are most favorable to drilling results given the parameters the Co has to adhere to.

Conclusion: Patience.. That's just my 10,000,000 share thoughts. Could also be very very wrong too.
Gamble responsibly