Some $20m has been spent here gathering IP Survey, drilling and...

Some $20m has been spent here gathering IP Survey, drilling and aero mag data.
S2 say this is a bonus, so much exploration has been done for us but more importantly what are the results of this big spend?
It would be useful to see ALL the data and not just the cherry picked data selected for the presentations,
Exploration companies typically have headline data and then the complete data set is well down the announcement.
But here we are not seeing the complete data set which is a worry.
Looking at the cherry picked data it's unimpressive compared with the grade at Fosterville.
The ore here is overwhelmingly refractory (with some shallow oxide) and lends itself very well to the IP Survey method of locating sulphide associated with gold.
So despite being relatively easy to locate and a huge exploration spend, nothing substantial has turned up although S2 say they want to do more IP Survey work.
S2 are definitely overplaying the nearology of Block 4, geos would not be taken in at all by physical proximity.
That tells me that the presentations are pitched at the relatively naive retail investors and many on this thread have fallen for the nearology story.
The trend lines are far more significant but have been well explored.
Turning now to the portfolio of projects apart from Fosterville, they are all highly speculative with nothing proven up so far.
Several other companies have similar portfolios with MCs of between $5 - $10m.
If the company is so confident about Greater Fosterville they should sell off their other projects to raise cash. Divesting the Finland tenements was a good start, Finland being one of the world's most regulated and costly mining environments.
The downside of all these projects is the cost of multiple exploration campaigns.
S2 will have high costs and will be running out of cash very quickly so expect a substantial share issue and dilution this year.
IMO a market valuation that reflects both the potential but also the risks is around $50m.

My Opinion