Thanks Rusty - just wanted to be clear, I am not making any assumptions re STM having to drill 25,000m for El Palmar (in total) or 14,000m for T1 - they already have all of that data.
These raise funds will be firstly applied towards the all the third party costs necessary for interpretation of these 14,000m of data to define an inaugural MRE for El Palmar T1 as an open pit - this to be done in the next couple of months. I am surprised they had not done this earlier, but it seems Malcolm was more interested in using available funds for more exploration (hoping for a "wonder hole"?) than seeking to interpret the data already held.
Duffy seems to be taking a much more pragmatic view on how to create value. He really has no other choice at this stage.
The only assumption (speculation) in my post is to what sort of deal that they may be able to negotiate off the back of the El Palmar MRE. It seems they already have the interested parties in El Palmar per Duffy's statement at RRS Gold Coast.
STM Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
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