Interesting timing just after a 1m oz open pit resource at Theia...

Interesting timing just after a 1m oz open pit resource at Theia announced and just before a scoping study putting a value on the project.
Looking at CAI and CMM quarterlies, the are processing under 1g/t. They are also depleting their resources and CAI has a hedge book costing $50m.
So AAR has an unhedged gold deposit with Gold price well over $2500 in AUD terms.
Back to the placement, timing by makes me think someone significant wants to get involved, maybe get a starting position, maybe follow up with on-market buying and then get involved in a bigger raise after scoping study.
Let’s see the details and how much value the board puts on the current resource and drilling, the location of Mandilla, the potential of the scoping study and the loyalty of shareholders