Ann: Trading Halt, page-64

So history repeated itself again. In June the SP rallied to 8.5c then suddenly lost its momentum, mysteriously fell to 6.8c before announcing a CR at 6c. SP further fell as low as 6.1c, so many thought they would not participate in the entitlement offer and could just buy on market. I think a few here including me did the opposite: we bought heaps on market, took the our allocation in full and also asked for shortfall shares. Some of us were a bit upset with the CR because on TSO's downtrend from 8.5c, we also purchased more at around 7.5c to support the SP. But we could not deny the fundamentals and saw how cheap TSO was back then. Anyway, anyone who did buy and still hold are now heavily rewarded! SP jumped 2.5x the CR price in only 1 month. The rest is history.

Now wasnt a great time for a CR, the best time was back in Sep, Oct when every goldies after CR got their SP rocketed. MZZ raised at 45% premium to VWAP. LCL traded at 6-8c for several months, had one great assay and immediately raised at 11.5c (initially aimed for $3.5M but actually raised $10M with $40M over subscribed). SP shot to 20c+ right after the raise! But of course we could not do a raise back then because we need to wait for AGM on 19/11. Its very unfortunate that the POG wasnt in our favour but I think we should get the CR out of the way now rather than to wait until our cash is running low. Zeff has mentioned several times that we will put a few more rigs to work in January. The instos that want to get in surely know that we will burn cash at a double rate in Jan so they can suppress the SP until we are sick of it and raise at even a lower price. Also, there are uncertainties regarding the next stimulus, the near future gold price and when will the funds return to the gold sector. Its better not to raise when our back is against the wall.

Whether we are among the best (if not the best) gold explorer on the ASX is still open for debate. But as Corgi has pointed out, we are unarguably the richess newsflow stock in 2021! IMO whoever buy after this CR can proudly look back after 6 months like the way we are looking back at the 6c CR in June