Hi @ToiletPaper, I think you've nailed it.Last year the news...

Hi @ToiletPaper, I think you've nailed it.

Last year the news flow (related to drilling) looked like this for FY23 (H2)...

• 17/01/23 - Drilling Shows Potential for Major Deposits at Gibraltar
• 30/01/23 - Further Drilling Scheduled for Gibraltar
• 14/02/23 - Drilling Program to Define Mineralisation at Gibraltar
• 21/02/23 - Drilling Program Planned for Caledonian & Sawpit
• 14/03/23 - Drilling Commences to Define Mineralisation at Gibraltar
• 23/03/23 - Drilling Program Progress at Adelong Project
• 29/03/23 - Drilling Continues at Adelong Gold Project
• 02/05/23 - Drilling Program Completed at Adelong & Sawpit
• 08/05/23 - Drilling Continues to Show Potential for Major Deposits
• 07/06/23 - Drilling Results Confirm Extension to Caledonian Deposit
• 20/06/23 - Drilling at Sawpit Deposits Validates potential Resource

By way of comparison to the above, the news flow so far this year (related to drilling) has been less enthusiastic...

• 17/01/23 - "...next round of drilling initially expected to commence in 4Q 2023...but now deferred as a result of (blah blah blah)...Approvals were received to proceed with planned drilling at Gibraltar, Fletchers and Caledonian. The Company is awaiting approvals for Sawpit."

They've got approvals to start drilling but seems unlikely they'll be motivated to do anything until sometime after they secure 40,000,000 free options in the upcoming EGM (i.e. "money for old rope" as per an earlier post from @playwithfire). I suspect no drilling at Adelong until sometime in Q2 2024 (or much later). Not much cash left at the end of Dec'23 & looking increasingly likely another CR will be needed before any drilling commences.