Well personally, as a shareholder, I think while it might not be...

Well personally, as a shareholder, I think while it might not be "all" about the market cap, it is mostly about the market cap, around 90%, maybe a touch more.

From my perspective I've been thinking about what a realistic "pathway to production" might look like. So where is the project now? Quarterly says spend is around $1M/mth or a bit over, cash on hand in June was $10.5M. That gets things to around Christmas without a cash raise - let's use January as a target date to get the share price up to something reasonable that wont result in excessive dilution.

There are about 50 holes of the current program still to come. It is reasonable to assume the current cash pays for those and the analysis required to get them to a JORC announcement, after that it runs out.

Market cap yesterday $151M. To get the project going it's going to take about that to build a new mill, get rid of the old one, put in a new camp and airstrip etc..., do whatever is required from a permitting and studies point of view, continued infill and extensional drilling, earthworks for new tails dams, cutbacks, and so on. That's if the cheapest, dirtiest options are taken at every turn. It will cost more if something that is going to last is chosen. That is a given. Anyone who thinks it can be done cheaper simply does not have a grasp of what is required. And yes, I know that comment is going to attract naysayers who think the real number is $30 million or something equally ludicrous and it can be done in less than 18 months, but I do that stuff for a living and I know what it costs and how long it takes, even for the cheapest, nastiest, most corner-cutting projects. I'd even be willing to say that the 70% required from Rox will be in that order. If anyone can give me a quoted, costed and itemised model that says better I'd be very happy to see it. So for the sake of argument, lets say another $100-150M is needed before the project is generating cash that covers expenses.

And while I'm sure everyone is happy with Alex so far, the real test of how good he actually is will be how that sort of money can be raised. I believe he's a finance guy after all. No bank is going to put up anything without a Reserve and all permits in place, and even then they will want a 20-30% equity sweetener. That is just reality. Which means at least Indicated Resources, ie. Maybe the bit on the wall of the existing Grace pit. Maybe also a few tonnes around the recently announced holes if all the 50 holes to come are drilled there. I dont count the underground resources, to get those to Reserves is years away. The brokers are also going to be putting on the pressure to participate. They will do whatever it takes to minimise the amount of debt financing available so they can get their part of the pie. So some sort of equity will be required.

I'm guessing at least $50M in shares with a line of credit to another $100M dependant on a bunch of key milestones. Could be the whole $150M but that would be over time, after the share price has a chance to increase even further.

So, from my point of view and just in my opinion and please do your own research, this is not advice, I'm hoping for a JORC and other announcements that get the SP around 20c by end of year. That gets the market cap to $450M and minimises the dilution required.