Ann: Drilling Extended for Nb-REE and Cu-Au Targets, page-112

"Another benefit of the drill for equity program is that it is at our discretion if we use it or not. The amount that Topdrill has offered is enough to deliver multiple drill programs across multiple projects. And if we do not need to use it, we don’t have to."... this is a very interesting CR process imo (shares issued to brokers or drillers is still a CR via share issue) and the terms are what made me think Topdrill had belief DRE's value was underpinned by Yin more so than they were willing to just punt the outcome of Ty or Managroon drilling success.

The fact DRE has the option to either use the drill-for-equity placement or not negative for Topdrill, and thus supports my thesis they believe their is solid value underpinning the stock at these levels. You just don;t see drillers do this often for highly valued exploration targets that can fall hard if results don;t meet high expectations...

I've seen quite a few ASX companies try their hand with 'At-The-Market" Cr facilities popular in Nth America, where the company asks a specialist broker to sell shares into the market without telling the market to raise capital. After the agreed number of shares/value have been sold, then the company tells the market it has raised $X of capital without having to use brokers and without the overhang of broker clients flipping CR issued shares into the market afterwards. It does mean punters buying good news releases are basically being sold into by the same company making the releases, which has a certain conflict of interest about it imo...

All above good reasons Dean mentioned above to use drill-for-equity to raise capital if you can get it, and better than CR or At-The-Market offerings for shareholders. I called DRE would do a CXR last year after 1 or 2 holes at TY and I'm going to stick with that call again now. Still think it's a tactical mistake to drill TY and Mangaroon on D4E option only when they need more equity than just half of each drill invoice, even with guvvie handouts. If they only have too little pictures of shiny core too late into the drilling brokers won;t want their clients left holding the risk bag without enough immediate upside to share in imho.

TH for a CR next week is my call... with or without a 'discovery' release to go with it.

GLTAH