Yeah I know. That does not explain why are they aggressively pursuing expansion when they have only been mining for a couple of months, are yet to meet their initial 100K oz pa target and are burning through cash to the point were they have to raise, this is immediately after downgrading their short term production target to 60-70K oz?
They have no intentions of realising their target, it is all ramping. The drilling is to prepare the mining plan to the new owners when they tank. I estimate that they won't even get to 100k pa or last another 18 months before falling into liquidation. Just like Apex Minerals, Blackham Resources are baiting investors with talk of developing the project into a 200K oz pa production while burning through cash like there is no tomorrow. Management get paid whether the project succeeds or fails, investors don't.
