What I liked about today's quarterly announcement:We still have...

What I liked about today's quarterly announcement:

• We still have $7.2M cash at the end of the quarter
• The major activity for the coming quarter is the proposed sampling and pilot test work program at an estimated cost of $520,000 (I liked that they gave that estimated cost - good transparency). Not clear if the revised mine plan will also be completed this quarter. But nothing that should drain significant cash.
• Therefore, I would expect to have at least $5M cash in bank at the end of September quarter.
• Work has commenced on preparing an investor information memorandum to support discussions with potential strategic partners - therefore they are planning ahead for capital options and not looking for last minute options.
• Jeremy Kirkwood (recently appointed director) has significant investment banking experience (which had been lacking in previously in the board) and therefore the next funding decision will be much more strategic (and I can't see that being with Regal).

What I didn't like:

• "Samples from the 22 drill holes were subsequently analysed by Bureau Veritas in Adelaide. These results have been provided to independent geological experts, H&S Consultants (H&SC) for modelling". I read this to mean that the drill results are in - but if so, why have they not been announced? Surely that is information that should be shared with the market. If the drill results are in and they haven't been shared with the market, then that is not good for building trust and confidence in management. I note that in the strategic review update announcement on 13 June 2023, it was stated that "Mr Granzien said drill-site rehabilitation work was underway and laboratory results, expected before the end of the June quarter". Therefore, if the lab results are in, why haven't shareholders been told the results?
• No mention of plans to cease the "interim executive chairman" role and going back to chair and managing director being different people. I hope they are thinking of that in the background and have this in place before the AGM.

On balance, current low market cap, cash in bank, green iron demand, potential strategic partner and huge potential if they pull it off (with low downside risk from here) means I'm happy to hold, even if it currently feels like it is moving very slowly.