"Good idea but not yet, our little Hog Ranch could be worth a...

"Good idea but not yet, our little Hog Ranch could be worth a lot of money when the price of gold does what a lot of forecasters are predicting."

In June 2020 (Annual Report) we were told:
"The Bells deposit represents 30% of our current Mineral Resource, which offers a separate start-up opportunity to provide early
cashflow, allowing us to focus on the much larger Hog Ranch Property."

In 2020 the all in sustaining cost for producing gold at Hog Ranch (Bells) was US$902 and with gold at US$1550 and:
"The headline metrics and outcomes based on the Bells Mineral Resource of 420kozs are:
• Pre-production capital costs of US$58M and payback of 1.9 years
• Production rate of 3Mtpa for an 8.5 year operation with life of mine (LOM) strip ratio of less than 0.5:1
• Producing approximately 39kozs of gold per annum with an estimated LOM recovery of 80%".

In (geological) ignorance I would have thought that in the post 2020 drilling the Bells early Mineral Resource of 420kozs would have (very significantly?) increased and a lot of value added to Rex's bottom line bearing in mind that there have now been two years with positive results from drilling programs. I also assume an increased production rate would temper inflationary production costs and that gold price forecasting would be above US$1800 making Bells still a very attractive proposition.

I can't help wondering if Rex has been remiss in not designing programs to provide staged Mineral Resource estimates with some emphasis on Bells which must now well exceed 420kozs and be either a marketable start-up opportunity for someone else or preferably an aid to convincing financiers contemplating funding for Hillside that Rex has become an even safer bet with better interest rates applying.

Perhaps if Rex people read these posts they might respond with some Mineral Resource reports on the seemingly very positive drilling over what is now a two year period or at least if not, why not.

• A Rex response that makes me eat my words would actually be most welcome.