I think the market has pretty much caught up with this one...

I think the market has pretty much caught up with this one already. The previous resource was kind of useless. The December, 2018 upgrade from 1Moz to 1.4Moz was achieved by lowering the cut-off grade to 0.3g/tonne and drawing a weird, disjointed resource boundary. Coupled with a mere 15% indicated result, the resource was basically uneconomic. Looking at this latest report, it's pleasing to see that the cut-off grade is back to a more realistic 0.5g/tonne. But nothing else has improved very much. The resource still sits at only 15% indicated in patchy, sparse, veiny ground. The company hopes that infill drilling will increase the grade, but in this area there's every chance of finding voids in the inferred areas. That won't be good. And the map shows the word "outline" is being used in some strange new way that I haven't seen before. There are blobs of "resource" scattered over a 10km corridor 2km wide. in some places they've drawn a "pit" around a single drill hole with a single intercept. Nobody is going to look at this resource and go "wow, gotta have this!"

Sovereign risk will also weigh on the company's valuation. Burkina Faso is a somewhat troubled state, nestled amongst other troubled states, some of which are seriously troubled! Luckily Kouri is far from the most risky borders, but not so far that it can be regarded as a safe place.

As far as newsflow goes, I'm not aware of any game-changers outstanding. Recommencing drilling is important to do but it won't change the valuation of the company. It's drill results that will do that. And the only drill results that I believe are outstanding are the Kada due diligence results, and the indications are that these aren't going to be socks-off-blowing. There might be a handful of other results still at the labs. Maybe something good is lurking there.