I see the additional exploration as yet another dot point (via...

I see the additional exploration as yet another dot point (via some form a resource estimate for El Pilar) that adds to the case for yet further share price re-rating.

Sure we all know that currently the share price is at a significant discount the NPV of just the 1st stage Open Pit project, but here's the thing IMO for the benfits of other to see that PLUS tangeable value in the pipeline projects that itself ought to be reflected into the share price too, and that is now $11m of potential (and low effort) capital via the options being executed.

So anything in addition to the DFS and Mine Decision that can see the share price into the 20 - 30 cent range would ensure that most of that $11m comes into the company coffers, and we'll still be (on current SOI + options) under 500m Shares on Issue, infact we' have room for a spare 57m shares to be issued to still stay under 500m SOI.

again just my thinking