I’d be hugely surprised if the company seeks any capital in the...

I’d be hugely surprised if the company seeks any capital in the near future.

Right now, all eyes are on the rig turning and what it reveals — that's the real near-term catalyst.

When the time does come for another raise, I’d expect it to be done at a premium, as we’ve seen with the last three. When momentum builds off the back of strong initial results, a double-digit share price and a premium raise — say 15c+ — wouldn’t be out of the question.

A modest 5% expansion of the registry at 15c could bring in around $15 million, if needed. But for now, the real currency is potential — and that’s about to be drilled.

Also t wouldn’t surprise me if a capital facility or funding line forms part of the upcoming Master Agreement announcement tomorrow. Right now, the only real asset Estrella can offer financiers is the potential about to be unlocked through drilling.

My instinct is that PT Raka Energi Mandiri — likely linked to the broader Mandiri Services Group — will want first right of refusal on the limestone components within the newly converted exploration rights.

Everything feels strategically timed, do you agree?

Big money positions before the fact — not after. And if they’re late, they pay premiums.