Ann: Makuutu Phase 5 Drill Program Approved, page-34

@roblun

@Furiousgeorge
Once a discovery is made, the process is, in fill drill, to confirm Tonnage, Grades and Metalurgical Results for Recoveries Percentages and release as to the ASX.

Then release a JORC Resource in order to attract funding. They have already done this together with a DFS.IXR has been drilling at Makuutu for what 3-5 years now?

Why embark on another drilling campaign when they need that cash for the pilot plant and the REE recycle plant?

They are already spending $5m per quarter with $15m left and that is expected to rise towards $7-8million per quarter if you add this new drilling campaign to their costs.

The reason why they have to drill, again, IMHO, is because the investment banks won't invest (via a CR) a cent against IXR's existing low-grade and exceptionally low recovery REE JORC Resource.