getting close to asset backing now, page-33

"If they stumped up with cash to drill through to a resource estimation something in the vicinity of 2 million ounces then we'd have something big enough to profit share"

That is possible.
However according to ERX's last announcement , discovery cost to date is US$8 an oz , so even without help from Barrick or Pursius we could get another  1M oz for $8M  all things being equal (which they arent ) .

The  drilling of Veronique turned up around 200% more oz per meter drilled if you burrow down into the summary of data figures  under Table 3 of the last announcement .  
200% more oz per meter and with those ozs per tonne at around 50% higher grade than Antoinette so working out an extra $50 a tonne ,  all be it with probably an extra 4:1 strip over and above Antoinette so probably an extra $16 a tonne in mining cost , but  probably partially balanced by a lower processing cost per oz , if say processing is around $17.00 a tonne .
Given  the above, in the immediate future concentrating on the South Easterly Strike extension at Veronique probably could continue yielding  ozs for near surface Ozs of around 3.2 grams a tonne  at around $3.00 an oz exploration cost
3.2 grams a tonne is around 3 times the world average for undeveloped deposits and twice the grade of the average reserve grade of existing miners an unfair advantage really for existing miners as includes UG, so definitely  not close to surface .
RMS recently paid around US $400 an oz for reserve ozs  WAF next country over (CDI) recently paid a lot less about $40 an oz from memory
$8 discovery cost per oz seems a lot less and $3 a steal for ore that can almost be scraped from surface .  
Maybe in the immediate future it is worth discovering the ozs in house given the low cost of exploring and 1.5BM oz insitu is worth around US $2.5 Billion for a company with a cap currently of  $30M and 12M in treasury to discover

https://s1.q4cdn.com/766430901/file...e-of-Reckoning_-April-2017_April-17-FINAL.PDF