I agree that most likely the plan here is to prove up an...

I agree that most likely the plan here is to prove up an attractive Gold resource with solid JORC Gold reserves to tempt an NGF/Zijin-KCMC with a plant nearby to make an offer to the Major holders first(we retailers always last to get looked after)

Like what happened to us MKO holders(Michael Ruane largest MKO S/H) was talked into giving over our plant and resources for one minor project via a reverse takeover merger with EAR(After old stale EAR mgmt where dealt with MR buying up EAR getting control of the board )

then down the line the biggest holder MR sold out to NST for over 30c share
https://hotcopper.com.au/threads/ann-ceasing-to-be-a-substantial-holder.3902078/#.XBRvSCN94y4

then as we ex MKO holders and existing EAR holders know 2018 the SP has seen a devastating downtrend to 10c-12c at present .. MR and UBS happy to get out at the top

NST now picking up EAR shares for 11c-12c via CR offer that will continue to they gain control.

MR holds like 29%+ of IRC


Timing wise it's going take much longer than 14-16months till 80k+ production (If it ever happens)

IMHO 2019 will be all about exploration and feasibility studies and if we are lucky some toll treatment (Goongarrie/anthill?) to keep the cash balance healthy then 2020 will be about further infill drilling and DFS work.

Now depending on operations and PM prices will see at what price are top holders will let a big chunk of the new mergered company go for .... I just don't see us going down the 100mill+ funding for mining plant operation route 2021-22 unless all the stars align