I think this is a good base for further additions from the other...

I think this is a good base for further additions from the other discoveries as they are drilled out. The potential for more than proportionate increase in reserve in a revised PFS looks good ... they are working on Raeside again, which was left out of the last PFS, and they previously went a bit cold on Mertondale because the AISC there was a bit high - over $1400 I think with gold at around $1800. Mertondale is looking good now at 2020 POG.

Looks to me like a solid updated PFS is pretty much in the bag when the time comes, with mill components in care and maintenance ready to give development a head start when the time comes.

There are a lot of drilling results still to come back, including Iron King.

I don't have a handle on what to expect from Lewis East, Hobby, and Bruno Lewis deeps but surely they will move the resource past 1.2 million Oz.

Someone mentioned the grades being lower... that is an expected consequence of expanding the shells to include ore which wouldn't have been profitable at $2000, ie it is a feature not a bug.

We lost a bit of momentum when the assay labs became backed up, but there has been very little selling. The SP has drifted down on really small volumes which in my mind indicates the when buying picks up the SP will go up fairly steeply because of limited sellers. SP is still about 5 times what it was at the start of the year, and very comfortably above all the capital raises since AM took over. One possibility is that next CR could be by placement ... I wouldn't necessarily bet the farm on a rights issue.