I believe their rationale is that assays from individual holes...

I believe their rationale is that assays from individual holes across multiple exploration areas lack meaning/context until all results are in (at least across one area) and the full implications assessed. I think that is a fair approach, albeit we lack the whiplash up and down price moves on 'as they drop' assay reporting. To be fair to NWC, they stated this approach early and continue to reiterate.

On the issue of drilling effort for Antler MRE definition and pure exploration, I believe just one rig of the three is allocated to Antler MRE and even then not fully. So maybe the split is 25/75 for MRE vs exploration. That they are mostly hunting for new ounces to feed into future regional MRE is fairly clear, and also that they are ensuring, to the extent that they can just now, that the Antler plant will be able to scale up to take those extra ounces at some point.

No-one like the share price taking a beating but if you trust the fundamentals of Antler as it stands and the possibility of new discoveries, then you could well consider doubling down! No investment advice intended!