The game plan seems to be hope for a hit of massive sulphides,...

The game plan seems to be hope for a hit of massive sulphides, hope the SP rises, then raise limiting dilution.

Seems logical, but when the market is expecting it, strange things do tend to happen, like SP rises a bit leading into the hole getting near target, but then falling upon announcement of some massive sulphides, especially if only a metre or so.

Waiting until after the next quarterly before raising, without any substantial massive sulphide hits, is a recipe for the SP to go much lower, think 5c or so. The market has a good instinct for nearby cap raises from desperate companies (less than a quarter of cash) and marks the price down, much more than most would think the companies assets were worth. I've seen it happen lots of times over the years. This company will need to raise no matter what the SP in a couple of months time.

Smart managements go early with a cap raise, and IMHO we get to see what this mob are made of with the cap raises. It would be smart to raise before we get to depth of the massive sulphides, when the interest in the company goes up near a possible drilling success. This takes the 'luck' of a hit or miss out of the equation. Good management earn the big dollars by taking the element of luck out of there decisions, not by gambling on finding something in the short term.

Considering the last couple of deep holes have missed massive sulphide hits, and there is an assumption of good nickel grades if we do 'hit', can people imagine what the SP will be if we hit target but get less than a metre of MS??

Over a year ago we hit a 89,000 Siemens target, MAD157, but only had 1 metre of massive sulphides, which I couldn't find any assay results for, despite great photos of the core of that hole in a splashy announcement (23/9/19/).
Eventually I found the results for MAD157, buried on pg 11 of the Dec 19 quarterly (31/1/20)
4.95m @ 1.58% Ni and 0.75% Cu, including 1.03m of MS @ 6.4% Ni and 3.22% Cu.

That is 89,000 Siemens for some non earth shattering results (if it had been 10 metres of MS then great). What do people expect from 33,000 Siemens and 14,000 Siemens? I certainly don't expect better results than the above, and I doubt a 'hit' like MAD157 would move the SP anywhere but down if that was the result of the deep drilling.
MAD144 at 82,000 Siemens was a 2.8metre hit of 1.3% Ni but did have some good copper and PGEs, but again, not a 'hit' that would be positive to the SP if found in deep drilling.

BTW next time they say that they have a 100% record of hitting massive sulphides or something similar, could people remember the following from past drilling, matched up from the 23/9/19 announcement and the 31/1/20 quarterly announcement..
NSI = No Significant Intersection ...

MAD 145 ...20,000 Siemens .... result....NSI
MAD147....30,000 Siemens ......result ...NSI
MAD148...28,000 Siemens ......result ....NSI
MAD149...20,000 Siemens ......result ....NSI

There are more but I couldn't be bothered, I hope you all get the picture, or go and look at the results matched to expectations in terms of Siemens..

Waiting until after we drill some deep conductors for the cash to run down before doing a cap raise is just gambling IMHO. No I don't like the idea of being diluted and asked to stump up more cash now, but it is the prudent thing to do.