Ann: Andover South Drilling Update, page-267

Yeah applying some critical thinking to those two points and you'll discover they are in fact red flags.

if you hit a target and it's good you'd want to expand on it by step out drilling and testing down dip.
If it's no good you'd want to test other targets.
It's not a hard and fast rule but exploration industry's history is littered with the former point leading to discoveries and the latter point more often than not proving frivolous.

The placement to instos, between drilling and assays. too many examples.
$OLY did this, they drilled thick pegs, raised money, assays come back with zero lithium.

there's no reason to raise early if you have confidence in your drilling, you'll get much higher price after assays. why sell yourself short. unless there's some insider conflict of interest going on between them.

The MD is inexperienced and unproven, I've been following RDN since It was In the 1c range, even owned it based off AZS nearology. just look at the difference in what management execution looks like. RDNs been mind bogglingly slow. Many people were calling it a lifestyle company for most of 2023.

As for the second rig, who knows, plenty of targets to test, looks good on paper and to the market and I imagine all are desperate to find something, it is crunch time. all or nothing, they do have the targets to test so may as well spread their bets and have a good crack at it with the $ they have.

I don't know what they will find, but good chance it'll initially be less than expected at this heavy market cap,.

As for their Ni asset, back of the envelope valuations are $15m for the contained Ni metal, and I think that was for the generous 100mt someone quoted. So in this market it's a zero for that asset for now. you can back solve this from other Listed Ni explorers and developers.

and for all the people thinking Hancock and SQM will offer a premium, think again, when or if they get that thing off the ground, it'll be a decade or two before they will need any lithium RDN may have. the ball is in their court, why pay up for it when they could just do nothing for decades and get it for a dime. RDN won't have enough to build and process, Andover mill won't have capacity to roll treat till they run out of their massive resource.
same story as TOR / bald hill.

So just like RCR, all the red flags come about and were heavily debated, and all the "non holders" and "down rampers" that brought pragmatism to the convo were right and I wish I shorted that too.

So here I'll have a crack.