Management seem to have a history of overpromising or similar,...

Management seem to have a history of overpromising or similar, eg. mentions of rare earths in interviews with near-0 values in soil - they don't deserve a single word in the presentations, other than the better ones like antimony. Even SS2's NPV 'assumes' the road, and doesn't provide the non-road numbers. Or Cathedral being promoted as '2Moz', but it's not even worth of drilling to prove it (I agree that RPM makes more sense).

So it's probably better to make your own judgements about everything rather than believing management's confident presentations.


What's the difference between instos and retail? It may be about believing the hype. For instos, it could be about the road or M&I/PFS - tangible evidence, that requires less belief. 0.3g/t at Korbel requires more belief (sorting, road, funding), and a long path to get there, with lots of funds needed. RPM requires less belief, but it's still progressing through the stages.

Interest rates rising didn't help. It pushed lots of money out of micro-caps/explorers in the past couple of years. And the RPM downgrade really didn't help.

Maybe instos were smart enough to avoid the dilution phases pre-PFS. So when do we turn the corner?

We've raised 2x from US, equivalent to 1x of the amount they originally wanted.

Is that enough to expand drilling? Or just enough to keep very-targeted drilling ongoing at a slow pace, to get the MRE done and PFS?