General Discussion, page-146

I can imagine with this sort of share price performance and the attention in media circles finally starting, that institutional interest will be ramping up for RCR. Gary and the board will be very busy soon combing through the best option for financing the next phases of exploration.

Let's take WA1 as a case study -

- On 26/10/22 they announced a discovery of a mineralised carbonatite system from a single RC hole at the P2 target to 216m in depth. The share price at the time was 30c.
- Then around 3 weeks later on 16/11/22 they announced a second mineralised carbonatite system at the Luni target from several RC holes. The share price at this stage was $1.77 after several weeks of positive momentum after the first discovery.
- Interestingly just 2 days later on 18/11/22 they announced a capital raising (less than a month after the first discovery). But it wasn't a capital raising most of us dread due to negative momentum of them in our other exploration companies. This was at a premium! $10M at $2 a share which was around a 13% premium to the previous traded price of $1.77.

Most of us in here are used to our exploration companies raising at a discount and seeing the share price retreat to that discounted price following the CR news. You guessed it, since it was a premium, the price actually rose to this price and a lot higher. It hit $3 that day! The share price is now $18, so those investors will be laughing right now, riding it up below 30c. From memory they listed at 20c.

WA1 was the first cab of the rank in the west arunta and there was still some relative risk and uncertainty. Now the market knows how it all works in the West Arunta now. I would not be surprised to see any capital raise at a much higher premium now IMO. This should put any fear to rest about capital raisings and it not being a good time to raise, "buy the dip" etc!

I am not saying we will intersect a mineralised carbonatite system but with the amount of RC holes we are doing over several geophysics anomalies there is a chance! The most likely outcome to start with is a decent IOCG Copper-Gold system from the diamond drill holes Imo. In that event to start things off, we are not going to get a run to WA1's proportions, but even if we get a run 1/10th of what they had, which is more than possible in current record gold price conditions and following a big copper price surge, things are going to get a lot better IMO.

Good luck to all of those who have held long despite the urges to sell at good profits, because the tighter the register, the better our returns are going to be! Especially with relatively low SOI.