I’m expecting a capital raise sooner rather than later as the...

I’m expecting a capital raise sooner rather than later as the likelihood of a takeover bid seems to have receded over the last two months.

Of the companies that might have considered an offer:

• SPR’s rise in market cap has made it a bit too expensive for WGX. Maybe WB can’t bring himself to bid on an asset he could have got for a fifth of the price either.
• RMS could probably still afford a deal, but it seems to be looking elsewhere.
• SLR is busy merging with RED.
• It’s probably too early for BGL, which is still bedding down its own operations.
• CMM might still be a candidate but its expertise isn’t in underground mining.
• GMD is apparently more focused on consolidation in Leonora.

Who else could be on the list - GOR, EMR etc….?

On the other hand, SPR isn’t big enough (yet) to trigger a move from the bigger fish in the next tier up.

So it seems likely that it will continue with the current strategy of trying to add high-margin ounces to the MRE at a rapid pace, which is all going to require further funding.

I'm guessing that a raise will come after the next round of results from Sly Fox and probably after the results of the twinned holes to the south of the deepest hole drilled so far at Never Never.

Depending on timelines/risk appetite, they might wait until they see what they get from the zone between NN and Four Pillars as well. Decent hits there would push the share price up substantially. But if Delphi and Tembo want to take their full allocations in the next raise, they might be keener on doing the round ahead of any news on the likelihood of the deposits linking up?