Agree, we will need more cash but the way I see it is we raised $15M from Instos mainly to fund flow test and order long leads, 3D given. The Entitlement will go some way to cover some extra but for drilling we will need a lot more.
The way I see it,
At the moment flow test is tentatively planned either late Q1 or early Q2, so before that we should ideally have or SM should be striving to get:
- signed the elusive PPSA
- get results back from samples
- A corner stone investor or farm-in assuming 1 is done and results are good (throwing in oil, helium would be a bonus)
- Potential to get pre-approval from banks in Africa on the basis of points 1-3 potentially.
This should translate to a SP re-rate before flow tests which is ideally when you would want to do a raise (just in case the flow rates underwhelm).
Better to err on the side of caution than make the mistake like MK2 and again fu$k the SP price momentum with an ill-timed raise.
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