Long suffering Blues supporter...my sympathies. I called a CR...

Long suffering Blues supporter...my sympathies. I called a CR for a week ago but it didn;t happen. Not just that, they doubled down with TopDrill drilling for more equity in Mangaroon back-to-back and this intrigues me. As you say, obviously loath to raise down here with last raise at 4.7c Oct'23 but isn't that always the junior explorer's lament. As you say, self-interest for management with large holdings must mean they like the odds of success and/or that the longish basing price high-1's is a floor from which they won't fall if drilling comes up empty...

Everyone noticed DRE sat pat at ~1.9c for 5 months with little sellers. That shows few holders willing to stop out at that level, and enough horsepower willing to hold that line over time. Dean then convinces Topdrill to take equity for half the invoice, twice, so more believers in value with asymmetrical upside. It's been my premise for a long time that DRE is valued on YIN+, with only nominal value for the other projects. Comps with other juniors point towards maybe $50M for Yin+ and $10-20M equivalent to other explorers with hope but nothing to hang value on. There is JV potential in the gold, but as per the gold explorer webinar recently small, stranded projects aren't valued much even if the gold space...

I'm leaning more towards the board believing DRE MC is supported by Yin to the downside more so than belief the drill rig will provide a discovery for the upside that justifies the bold funding situation. That belief is obviously informed by my own biases. The interesting takeaway is what 'the market' believes bottom value for Yin+ the 'asset' is, not what 2ic believes. Just a thought, not trying to be bullish or bearish on this point...

GLTAH