RE: Riversgold RNS25 Feb 2026 03:18
The latest RNS DOES NOT suggest a fast drilling program for revenue generation.
The pace of drilling is good and continues to accelerate, but ongoing assays and geological interpretation mean that actual revenue-related milestones (like a resource estimate or development decision) are still some way off.
Assay results (and subsequent resource definition work) remain incremental, and complete results necessary for resource estimation and economic evaluation are still pending.
That means:
* Near-term revenue generation is not imminent, the project is still in the exploration and resource definition phase. Companies typically need a Mineral Resource Estimate (MRE) and feasibility studies before mine development and production.
*More time is required for full assay receipt, interpretation, and resource modelling before they can advance to mining approvals or production phases that could generate revenue.
*Although drilling is progressing fast, the crucial assay-to-resource pipeline still unfolds over to months, not days.
The most recent announcements explicitly indicate that large batches of assay results are still pending and being released in stages, so further waits are expected before the project can underpin financial forecasts or revenue plans.
Even if mining technically begins around mid-2026, cash flow and net income usually lag: ore has to be mined, transported to processing, milled, refined, and sold, after which profits are split under the MEGA Resources agreement.
That generally suggests a late 2026 at the earliest for initial revenue, and a full commercial cash flow potentially into mid 2027 in the best case scenario.
Although MEGA is funding NZ for Oracle, but that does not include covering for their the monthly administrative expenses. Cash in the Oracle bank is dwindling away for each passing week.
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