There was no certainty as to which way HQ was thinking, as I saw...

There was no certainty as to which way HQ was thinking, as I saw it anyway, and that is why I postulated on the merits of going the slow route. The sterilisiation comment directed me that way.

I am now convinced though, after reading this in the Statutory Accounts, that HQ will take the short route:

The Group is currently conducting a Feasibility Study on the prospects for mining and processing of gold ore from the Steam Engine Gold Deposit. Based on the highly positive results of the recent Scoping Study and the general gold price forecasts, the Board considers that there are reasonable prospects of development of the deposit within the next two years.

The question remains though as to how the company will get to an income stage without further dilution.
The SP needs to get above 2.5c to flush out all realistic current option holders. There are options exercisable at 8c, but they expire on 30 Nove next. A miracle is needed to get them exercised though.