It is a credibility issue... gold juniors with broken balance sheets are getting killed and top 10 gold stocks are doing really well. The days of explorers getting rewarded by the market for upgrading their resource estimates are over. So converting resource to indicated resource is a costly affair requiring drilling holes ~ 50m apart and we have witnessed by defunct MRP, where converting to indicated resource and cap raising cycle has ended up inevitable value destruction via dilution.
JP strategy to get HRZ into production and road towards mid-tier strategy is the correct one, of course market is nervous on execution. So to bring back some semblance of market credibility HRZ needs to hit their 3 milestones.
1. Completion of Coolgardie acquisition
2. Production in Dec 2019
3. BFS by the end June 2020
In a previous threat/post I have discussed there is possible scenario to achieve the above priorities without a capital raising.
KWR-Menzies, page-6
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