Novicechamp, it's possible they are drilling and holding...

Novicechamp, it's possible they are drilling and holding samples back to save cash and also from a logistical sense.

Earlier drilling was not scanned with XRF, so to drill you needed to assay. But scanning the material does allow them to drill and still get the groundwork done.

Its actually faster as XRF you know in minutes if your in luck or not.

XRF is not recognised officially, but it is acurate enough to prove up a deposit and assay later to satisfy reporting.

Two upgrades are planned for Mt stirling and one stirling well this year.

The Mt stirling one is easy as it's just a matter of plugging in blank areas, I bet they have modelled it already to include.

Stirling well different, as they are into the granites in unchartered territory, could be nice as koth is granite based and they did announce quartz. Still quartz can be barren.

Cash is 1.8m, less than I thought, but 1m went towards Cargill payoff. .

I don't think they would have spent 1m there, if they did not have avenue to top that up from another source.

If you look at the top 6 options holders alone, they hold 90m options, on exercise 1.8m cash.

Most have been there since mid last year when sp was 1.4c. So the options, will get exercised.

With nva's, 30m, there options are free carried. The problem if nva does not exercise, they loose 0.6c a share. Ie 2.6 present sp, exercise 2.

Also if they did not exercise there holding gets diluted, same if there is a cr. I doubt nva would want to be diluted.

Remember nva knows what's happening due to board positions.

Also if tnr does not deliver, managnent will loose more than us investors on hotcopper will.

Worth thinking about before some call failure.