Ann: $25 million Institutional Placement, page-86

I will be upfront and clearly state that my biggest reason for attending the event would not be for the M&Ms (though I won't say no to some, but... perhaps not at the same time at a beer or two!). Could potentially be the highlight of 2024 (my 2024) if things keep going SPRs way. As really, the discussions I have on HC are so enjoyable and I genuinely appreciate them everyday (which rely on yourself and others participation, which we all know, is 1000% voluntary as the only entity making any money from our discussions is HC (appreciate the service Mods!)).

I try to shy away from personal thoughts on HC, but your compliment means a lot. As for MDs enjoying them... hmm... dang. I am now likely going to worry about my grammar more than ever! Though hopefully... in the mining industry it is not always at the forefront of their thoughts (no insult intended anonymous MDs!). For what it's worth, I have been to RSS in years past and enjoyed myself, but.... not met with any esteemed HC posters, so it is clearly the missing piece of the puzzle to maximizing the event!

Good points about the raising, which I agree with strongly. I again simply look at how BGL handled their progression from explorer to developer to producer (yes, SPR have the mill already, but the basic timeline will be the same), which saw them progressively raise capital at higher and higher prices even when perhaps not 100% needed, because... no-one likes an under funded company. I think RED is the perfect example of what not to do, and since SPR is doing the opposite, well.... it's as good an outcome as can be had IMHO. Though I am not attempting to be a cheer leader about it, just... I want SPR in a strong funding position, and now they are again (like they were after the recap).

great post @calmbeforestorm . In essence, so many explorers wait till they are running on fumes before raising capital, which never makes any sense to me, as it's from a position of weakness! I also agree about your possible scenarios, in that, I see little downside to any delay in restarting the plant, if the drilling proves up more ounces and in particular, new sources of ore (i.e another U/G source) which then changes production profile etc (@plough you sum it up perfectly). The bigger the potential production profile, the more valuable SPR gets (pretty binary really), and as such, what a surprise that SL and the team are focusing on trying to achieve just that.

I noticed that the RSS presentation shows the current pit outline (but surface only at this stage) for NN open pit. The graphic also makes it easy to see how a larger cutback on the Eastern Wall (which in the past, drilling has proven up some low grade structures which will "pay for itself") when combined with a larger cutback overall, which enable access to Four Pillars/WW high grade lenses to provide base load ore for the plant.



SPR already has a high grade open pit to supercharge the early years of production (quick payback on a restart), coupled with 1 high grade U/G source of ore (NN). Million dollar question is... and I will try to not repeat this ad nauseam, are the more that are viable to mine concurrently. I would argue technically, yes already, under Sly Fox, but... hopefully I don't have too much mud on my face on that prediction.

Good luck to all holders (grumpy or content).