The way I look at it Brama/Limon is on the verge of a brownfield but the drill bit just keeps holding this back in greenfield zone. One good targeting hit and boom.
EP is a lot less developed than the Brama asset and hence still well into greenfield territory. No matter what the jury states on the flavour of the options and a cheap raise there is a lot of development at EP to get this to an attractive MRE and some preliminary studies before anyone will Annex this asset.
We will now sit at 0.04- 0.05cts for around 5-7weeks for the current CR to wash through. It's imperative now for Malcolm to produce good results before close of raise or holders like myself will sit on the fence.
Another 500ml shares printed. Dumping started yesterday to convert. If the drill bit doesn't deliver we are heading into consolidation territory no matter what carrot is dangled.
This it the time to truely provide a "phenomenal results" MRE is estimated to be released next year. That's still some time away and $$$$ to spend. I hope with $2ml institutional and shareholders do take up their entitlement for another $2ml. The carrot is definitely to options, another $1ml upon exercise.
But...past uptakes have fallen flat and will $2ml institutional capital be enough coin (Looking at worst case scenario) to see this through to MRE without a further CR early next year. They need to drill Limon and EP.
Hence why I say the drill bit is the catalyst here, not PD or any carrots. Carrots are generally good for a week, then they loose their flavour.
Assays results should be due now. This is where the catalyst lies. The rest will follow.
GL to you DAZZLE
STM Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
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