Yes but we would have a higher SP if we had 10 mill in the bank....

Yes but we would have a higher SP if we had 10 mill in the bank. Generally SP is cash plus EV.

There was a different focus back then, people drilled for Iron Ore believe it or not as there are BIFS under the cover rocks and drilled the Mag highs. Western Mining had various geophysicaly defined prospects called Hammerhead, Marlin, Coral Bug and Whaleshark. They drilled Marlin to the southwest and liked the look of a pressure shadow formed by the granite intrusion a few Km's west of where we want to drill that was called Whaleshark. AK himself drilled some of these holes. They got some gold sniffs in core 1.7m at 0.4g/t Au (its on the company diagrams). The drilling was hard in those days and had issues with penetration due to high water flows so everyone went away. Spectrum came back in 2017 and did some MLTEM on Whaleshark but focussed on the Mag high areas to the west, no holes were done and they walked away. The gravity high has not really been tested. Don't forget this is a large tenement area as well.
We come back and due to advances in science do an MMI and we are where we are now. In my view it all lines up now and M2R has done some quality work to get us here. I will struggle to understand if we get zip as there is tons of smoke, like major fire smoke, we just have to stick a hole in the fire. As usual time will tell.
DYOR and GLTAH.