Had a think about this… IMO it’s a show of confidence.
Cobar style deposits are deep (drilling costs add up) and they’re bringing in a DD rig (or maybe 2). 10M might get ~25 holes, considering all in costs.
Raise now while it’s hot, de-risk the entire project & do some serious exploration. AGC just proved this belt contains high grade mineralisation - get funds, fly aerial EM along the entire belt (generate a heap of regional targets). Multiple DD rigs @ Achilles, then push exploration regionally. This all costs money, but IMO drives the potential higher.
Ann: Trading Halt, page-30
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