Ann: Drilling Commenced at 64North Project in Alaska, page-48

@AlexanderJ

That IMO won't matter - the drilling / ownership pathway has been clear from the start.

Yes, they will need to find more money later for additional drilling, however that was only going to be sought if they found what they're looking for - i.e. a Pogo Style Mineralisation ... and they have!

The mkt will re-rate RML handsomely IMO over the very near term and we are starting to see that now

We have the beginnings of the extension of NST's Pogo resource and the incremental value creation will be found by drilling it out in more depth & then expanding the resource.

The 'end-game' for RML / Millrock is a takeover by NST given it is a natural extension of their deposit which sits over the fence.

The only speculation will be when & what price.

Earlier in the piece, NST takes more risk & as such, expects a better price
Later in the piece, NST is de-risked & as such, RML will command a much higher price