$?Bill in a ? Life mine, page-27338

Hi Glemon,

I feel your pain and respect your mental stamina. I see things differently. I have been a serial entrepreneur (aka unemployed) for 30 years. There are only two rules. 1: It will take longer. 2: It will cost more. The job of a junior explorers is to sell the dream and separate speculators from their money for long enough to get to the next milestone. The problem is most high risk speculators have very short investment time horizons. The inherent conflict of interest is glaringly obvious. HCH was a drill play in late 2010. The party was over within 4 months when the SP went rose by 300%. I wonder how many shares CE had then ? He has probably been the most diluted shareholder of all. This is the time honoured classic Lassonde Curve at play. My Trading Plan is to speculate in the lead up to a PEA when predictably the wind has gone from the speculators sails. WA1 holders beware. I like market caps of circa $100m, Pre PEA with a good probability that it will be a Tier 1 mine and hopefully will be built or bought by a major. However at this stage my intention, subject to my original premise remaining valid the appropriate, I expect a large amount of dilution and I intend to participate in every CR and/or buy more shares to maintain my % holding in the company. The last CR was a 20% dilution, so I must increase my position by 20%. I have increased 10% so far. CE and NAB promised not to dilute shareholders into oblivion. To expect zero dilution is naïve. It’s not a magic pudding. CE and NAB don’t want to dilute themselves, that need to dilute to protect and grow the business. What changed since those NAB interviews was the Water deal. Part of the raise is driven by investing in execution of the Water Deal, which will on its own well and truly be a-creative. I dare say Glencore predicted the amount of dilution required years ago, as they held above the required 7%, without needing to put more cask in. I am not certain, however I believe RR & co maintained circa 10%. IF this is true then they must have been buying via the CR or otherwise. The typical game plan of placements or CR allocation to brokers HNW clients is essentially an insiders gift of circa 20% discount. Many “Stag” and sell as soon as they can. It works fine in a good market. That is the reason we are trading lower in a bad market because HNW tourists are going home. Sorry typo. $200,000,000 had been spent on drilling as at circa 2022. That was disclosed in a RR interview. Rough math is $100 per meter cost to drill. So that = 2,000,000 meters drilled over say 14yrs. They are drilling atm. This is no longer an exploration play, this is a development play. I don’t know for sure but I would expect the drill results will be incorporated into the PFS, rather than be drip fed. If I was CE, that’s what I would do, unless there was a material value change with a stellar drill result.

I do agree with JollyGeo. However I don’t see CE building this mine on his own.