You raised some interesting points. My perspective is that the market is waiting to see what will happen in terms of new discoveries. I think that people know well that the company is in a very healthy financial position (except for one of the HC posters here...) What they want now is to see if the company can translate that capital into new mines to be explored.
I wouldn't put so much focus on marketing.... the SM are already going to all mining events and trying to "sell" the company to investors. Just push forward with the exploration and sooner or later we will have positive drilling results. Surely, I wouldn't burn $12m in the next 12 months, but anything around $4-5m would be fine. Too much debt is the number one reason for small explorers going belly up, so it is good to keep some cash in the bank. Also, I would definitely offer a small, special dividend, with the proceeds from Cannon above the baseline case. Since they are now going for a last scoop, why not transfer that extra income to investors? And it certainly would put the company in the radar as one of the few miners to pay dividends.
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