I have come to the conclusion based on recent announcement that...

I have come to the conclusion based on recent announcement that the game has now changed.  Remember they were going to drill Beowulf, this was from their drilling commencement announcement:

6 hole RC drill program also to be conducted at nearby Beowulf Gold Project to test Company’s sediment-hosted gold model at initial priority targets

They didn't drill it and now say they will do so in September.  So why the change?  Well also unexpected was the result of the 3 hole drill program north of current drilling which they announced as:

3 holes targeting the priority 440ppb gold anomaly, situated north of Aruma’s previous drilling at Slate Dam (ASX announcement, 15 February, 2018). The holes showed deep oxidation and weathering to some 50m as well as abundant sulphides in the last hole.

I believe Boewulf has been put on the backburner and focus is now on drilling to potentially start up production at Trojan to start funding a full on drilling program for Slate Dam.  If they prove the mother lode location, the company is made.  Most of this has already been touched on by bowerman, I am just trying to make a clear picture based on my interpretation.  I think there will be a further CR required but it's not urgent so the aim would be to have a much higher share price before doing so.  Remember Schwann and Boyatzis have significant shareholdings in this company, it's in their interest to keep dilution to a minimum.

As for the price action it's getting pretty close to potential exhaustion of sell side stock.  Just need a good volume day and this will fly through to 3cents+.  Only a matter of time imo.  Things are really coming together.