10m tonne copper deficit by 2030, page-39

"Spending money either developing Hillside or more drilling at Hog Ranch probably is more financially prudent for a small company."

Hi ACB,

Your comment on the need for prudent spending of money is no doubt being addressed by the Rex Board. They are on a timeline to commence operations at Hillside and I suspect another capital raise is on the agenda. In the interests of current shareholders it would be prudent to make every effort to raise Rex's market capital before any capital raise and the best bang for the limited bucks is no doubt paramount.

I note in a recent announcement another explorer company (De Grey (ASX-DEG)), they have announced an upgraded gold resource to 9M oz and this has resulted in a market capital of over A$1.5B. From recent announcements and the enthusiasm from our highly regarded MD for Hog Ranch potential, a timely upgrade of its resource to even 5M oz seems worth betting on and my simple mind suggests that Rex's market capital might even move towards A$0.75B if we have any parity with De Grey. Even discounting for too much enthusiasm in my rough calculations there must be the potential for Rex's market capital to reach A$0.375B if Hog Ranch resource indicates 5Moz - and that would be even without adding the value of Hillside!

Would I be wrong in suggesting that proving up Hog Ranch urgently might be prudent?