I'm not sure what point you are trying to make here. That mining...

I'm not sure what point you are trying to make here. That mining companies and explorers raise capital? The question should be what the capital raise is for.

What are AIC mines (A1M) using the raised capital for? They are building a new underground mine! Building a mining operation is something HCH is years away from.

The reason I sold my HCH is that the last time I participated in a SPP was the second time I was being told I was funding a PFS (or was it the third? I recall it being the second time but I could be wrong). At that time I said here that would be the last time I fund a PFS and I meant it. So I sold out on the announcement of this round of funding.

Going back to A1M, since you brought it up in relation to the HCH capital raise, a lot of holders there are, like me, free carried from holding Minotaur (MEP). I bought MEP as an arbitrage on their minority stake in ADN. I cleaned up on their take-over by ADN, and got out of ADN at a juicy profit after picking up the shares in whatever Jericho got spun out into (Demetalica, that;s it) which got taken over by their neighbour A1M. You win some you lose some. ADN is a clear example of not falling in love with an over-hyped market darling in the resource sector. I bought a little sailing yacht and am doing major works on the house thanks to ADN.

BGN mentions that QPM just did a raise. QPM is an example of the need to never take your eye of the underlying commodity (in their case nickel). From hero to zero. Now it is, by pure serendipity, a natural gas pipleline business with an indefinitely shelved nickel matte processing project. They went to Arrow energy to negotiate a long term supply contract for natural gas and Arrow ended up paying them to take over a business they had sunk $1B into and no longer wanted.

What are A1M shareholders going to get out of the capital raise? A 3km long tunnel to a new UG mine that also goes right past a few smaller deposits they haven't even fully explored yet! What are HCH shareholders going to get out of this capital raise? A PFS? I'll believe it when I see it.