Ann: Drilling completed at Wattle Dam and Exploration Update, page-47

Yes Bull Whisperer and the current gold pricing has been doing a bit of a slide down but has headed back up slightly in the last couple of days.
Now I have been having a little ponder and have been mulling over a few things. The result ? Maybe just some wishful thinking.
What do we know ?

• we know that it is on record that there is a desire for MXR to start with a shallow open pit mining operation first to get some cash flow.
• we know that PNR is on record indicating that they understand that MXR intends to be mining "in the near term"
• we know that MXR is working on the S5 and Golden Orb corridor and will produce assay results sometime in September
• we know that Tim Wither said in the recent announcement ", “Field observations of the Wattle Dam / Golden Orb trend are encouraging"
• we know that they are working towards confirming a Mineral Resource Estimate (MRE) for Redback and that could/should come this September?

Now if we toss into the mix the fact that there are I think 48,665,731 (MXROE) options (conversion payment of 11cents) which will expire on 06/01/2023. Those 48.6 million MXROE are worth $5.3 million to MXR if all were in the money and converted before expiry date. Although the previous options expired and were replaced by the present MXROE I cannot see MXR going through the same exercise again if they have not got over the threshold by the expiry date which is just under 5 months away.

So are we going to find that when the next lot of announcements come out with the assay results and then an MRE is that going to be the trigger to announce a significant move ? Or will it simply indicate a further lot of development drilling of identified targets. They will certainly have to get a hurry on to get those options into the money and therefore I am wishing and hoping that they are ready to pull the trigger.