Ann: Quarterly Activities Report and Appendix 4C, page-6

I thought it was a disappointing result but early indications are the market quite likes it.

One of the big issues is cash burn. They started the quarter with $7.7M in cash and lost $1.7 M in operating cashflows. They also need to pay $2.5M cash for TIKS. I feel they are going to need a capital raising soon.

Overall, there are some good signs (excluding Newmont). FY22 revenue now forecast to be $37M. Valuing Damstra at 6 x revenue = $222M = about $1.10/ share (assuming a 15% dilution after an assumed capital raise).