Even with reduced drilling in the wet season, they only have enough cash to last another 2-3 quarters... Another CR is guaranteed by mid-year, but if we're lucky they can drag it on a little longer.
They're just far too slow at drilling and announcing to the market. Value has deteriorated. The ann's contain far too much unnecessary information, it's lingo for geo's. Keep it technical where you have to, but not to this extent. This may be one reason why it's taking so long between results. This could also be a tactic to redirect the attention of something they may not want people to catch onto, with information overload.
I have found some companies use this tactic when there's really nothing 'there' to see. Disclaimer I'm no geo and do not speak the language at the level they're including in their 'drill result' announcements.
I really hope they have some sort of M&A or JV worked out, because I'm not looking forward to another CR so soon. Especially when it feels like the funds are not being used beneficially.
What a disaster.
IMO DYOR
SPQ Price at posting:
1.1¢ Sentiment: None Disclosure: Held
