Ann: Strategic Placement to Accelerate Drilling, page-145

$3.18m raised with the directors chipping in $180k and Tolga Kumova $1m. Having now seen quite a number of stock react to TK's investments it seems MXR is just the same. TK brings with him a flurry of get rick quick investors/traders, they borrow his conviction but can never replicate it. This is why you see a sharp rise and then often a decline following as they drop away again. Last week over half the shares on issue were exchanged as predominately traders jumped on and then off.

The thing most who follow TK lack is patience, he's got a few hundred baggers under his belt and this is due to his ability to first find companies with the right risk v's reward profile and secondly to hold them until they deliver (or not). The conviction part I suspect is somewhat easy for him, he has access to some of the best geo's in Australia and probably the world. They I imagine have done more due dilligence here than most would have the capacity to do and as a result TK spent $1m to give MXR the chance to prove what is a pretty solid thesis about the regions gold endowment.

"Funds raised from the placement will allow the Company to accelerate exploration programmes at prospects around the historic high-grade Wattle Dam Gold Mine, following recent positive drill results of 3.0m @ 83.3g/t Au from 25m, including 1m @ 245g/t Au1 . The placement funds raised will also be used to complete further exploration across the Company’s Spargoville tenements, the completion of studies required for the Company’s Larkinville and Eagles Nest resources approved for mining and for general working capital purposes"

Let the traders ebb and flow, the money here will be made on the drill. I for one see MXR as an extremely well weighted risk vs reward play.  Hell the royalty stream and 112,280 oz JORC resource underpins the current valuation. Drilling success is all upside IMO