No, clearly states in the SS that the next step will be to fund drilling to covert inferred resource into indicated so it can be used to calc ore reserves in the PFS.
The inferred resource is located deeper and deeper in the project the drilling will be deep, dense and expensive. + PFS is expensive, will need to engage PFS level consultant scope and the document the project enough to tender into the market for preliminary pricing will cost at least $3-5mil in consultant fees.
RXL will raise $8-10mil or risk raising less and less if the SP continues to fall.
RXL has no choice, if they don't raise to progress the project they are screwed. Other option is to sell the project.
RXL Price at posting:
22.0¢ Sentiment: Sell Disclosure: Not Held
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