"people were expecting several hundred thousand ounces from this MRE". After all the drilling and expenses incurred, not an unrealistic expectation I would have thought. Cash burn is being accentuated by monthly instalment payments to Riverfort of $180,133.27 (plus a 1% per month interest rate), which still has around six months to run. That's well over $1m plus drilling, admin and other costs. Even if REE news is somewhat impressive, raising any reasonable amount of capital in coming months will not be on favourable terms for mgt (or SHs).
Ann: Mt Stirling Project increases gold ounces to 152,000 ounces, page-35
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