I spoke to management a couple of weeks ago. Conclusion of the JORC was estimated to complete by the end of Q1. As I stated earlier, they are working on selecting the right COG to achieve highest JORC possible.
Business is fluid, and given the latest developements there are a number of considerations to make. Put our 'business' hats on; If the JORC is as big as we think it is or bigger, it is going to be a big positive. We may go into trading halt on announcement, with additional commentary around a CR. The work required to organise the raising and securing interest may be holding things up. People are going to want in before the JORC upgrade. All the other activities that are happening could conceivably be holding up the announcement. It would be smarter to conclude these development and announce in succession before a raising or announce with the raising as I previously mentioned.
Additionally the BFS is another consideration, and possibly something weighing on management minds. As it is 'final' or a full feasibility study it is comprehensive. Costs range between 1-3% of poject NPV. i.e the BFS is going to cost somewhere in the order of 8-12Mill. This has to be funded, by someone and some how.
The other artefact to be delivered is the half yearly, and this takes work especially for a small team. This is due late next week.
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