Fosterville gold deposit, page-48

Yeah thats true, but what we have will make a bit of dent and get us off to a good start... it'll get us to a point where we are quite likely raising from a higher base. Nothing is guaranteed but Im willing to take a punt on that, esp since a lot of the groundwork and heavy lifting is has already been laid and paid for by kirkland etc. S2R have had plenty of time to reanalyse the data and I imagine there is no reason why they would not be able to zoom in on their highest priority, highest probability targets straight off the bat with drills blazing, leading the way. Many other companies might use a fair whack of their raise for a new tenement doing what kirkland have already laid out on a platter for us.. so in some ways.. maybe the $6 mill raise is more like a $12 mill raise because the first $6 mill (closer to 30 mill) has already been spent on geophysics etc and thie remain $6 mill we have can be spent primarily on drilling etc..

This scenario is not much different to most other explorers, always needing cash etc, yet we have a lot better prospects than many and have been given a huge head start so my personal judgement is that its worth taking the risk.

Should this first campaign not come up trumps, well hey, thats exploration and that why it deemed risky and thats why there is huge reward if u do get lucky. You dont just throw in the towel, you learn from it and carry on. Should we need another raise, so be it, its not the end of the world.. we raise, swallow the medicine and carry on.. we are still hunting in elephant country and the basic attraction and setup will not have been suddenly destroyed just because no fosterville mk2 was discovered on the first campaign.

Also Mark Bennet has on numerous occasions stated that part of his ethos for S2R is to limit capital raisings or manage them as prudently as possible to avoid dilution, and this has been generally been proven to be the case, they have not had many although tbh the last one probably could have been managed better.

There are other ways he may choose to raise future capital too, who knows, but it's good to know it is something that he is concerned anough about to actually mention and has generally abided by.