Drilling is expensive and studies are cheap (relatively).
The 16,000m RC and 7,000m DD drill program is ongoing from January to April and will probably cost $1m month imo
That's $4m.
Eureka and Fisher are on the market and are likely fetch at least $2m.
From April the PFS resource will have been identified and PFS studies will be underway.
The PFS is likely to be announced near the end of Q2.
At the end of Q2 Rox will probably have about $7m cash..
That's enough to sustain an expenditure of more than $1m per month for the rest of the year.
The FS will be probably be complete this year.
With the PFS and FS complete and likely showing much better metrics than the Scoping Study (and base case POG higher) Rox will not have to dilute its registry to raise cash.
My opinion
Ann: Midway Emerging as a New High-Grade Gold Discovery, page-10
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