The hits are excitable for an exploration company as they are of...

The hits are excitable for an exploration company as they are of the grade which may eventually be mined. At the stage RXL are at they need to keep hitting these grades and widths which aren't exceptional but just ok to keep expanding their mineable resource. I think the reason RXL needs a solid cap raising is that they need to get a lot of rigs on site to test all these targets quickly and finish drilling out and expanding known areas. These type of deposits tend to progress slowly over years as they are thin and comprised of many channels. RXL really needs to get things going quickly in the rising Nickel market which means creating a JORC resource over several channels which closer relates to what they think their exploration target might be so that they can get the most efficient economics for the project area. A lot of work ahead, lots of drilling, and a lot of expenditure. They will have to organise significant capital when they want to proceed to mine. Hopefully the stock is trading a lot higher then. The great news is they have got past the initial 'will it be good enough to mine' and now will be working out 'how big the project will be'. People will be a bit hesitant to invest not knowing how long it will all drag out for. I think a good cap raising and plan for significant drill meters from multiple rigs should help out the sp.