@ honkie The prospectus for the rights issue has allocated about...

@ honkie

The prospectus for the rights issue has allocated about $4.4m of the raise to drilling expenses.
So I’d hope they would deliver an additional 350-500k ounces with this raise, which would get them close to the 1m ounces in MRE.
Then it becomes a question of how these ounces are valued. A gold price well above US$2000 would be a big help, so would more high-grade, shallow mineralisation (not much of the exploration spend is being forecast for diamond drilling, I noticed).

Very unlikely $4.4m will deliver an additional 350-500k ounces but lets say they do.
But what is missed here is that these are inferred ozs not indicated or measured.
Inferred ozs are just "we think these ozs are there" and are very low confidence.
You don't get far with feasibility studies with inferred ozs.
We don't know the conversion rate so must assume a great deal of infill drilling will be needed to convert perhaps 1m ozs inferred to 700,000 at best indicated ozs.
So another CR needed before long to drill to convert to indicated ozs.
While the focus is on the bonanza grade hits the MRE grade is just 2.6 g/t which is not at all a high grade.
Forget trucking the ore to a nearby mill, that is only feasible if the grade is 2 to 3 times higher.
So this resource will need a mill and a preproduction capex of perhaps $200m ++
Bottom line is that the resource is a bit of a show pony with its bonanza grades but look deeper and it's not a very high grade deposit and it will require tens of millions to get through the feasibility studies and a decision to mine.

my opinion