suggestion

Rather than IPO Mt Adrah, why not raise $1M - $1.5M at 10c in SOC ?

10-15M shares by way of SPP to all holders to raise up to $1-1.5M to conduct further drilling on the multiple 3DIP targets

Clearly state in the announcement you will be conducting a 2-3 month drill program, 3-5 RC holes into each target to a depth of say 400m and will provide an updated presentation at conclusion of the drill program

That way, shareholders can again expect newsflow almost fortnightly and will finally start peeling back the surface on this deposit

The issue with putting funds into the IPO is that is doesn't help those who bought in at higher prices average down, whereas this does and is far more attractive

It is at a premium to today's share price, but likely a deep discount to most people's average and would come at far less expense than an IPO

In the next 2 months you either confirm multiple pipes and or extensions of high grade reefs and IPO at double the proposed valuation or find a suitable farm-in partner given the data, or you miss and then mothball the deposit

I'd likely take up my full entitlement in something like this