So how much does drilling actually cost and how far does a recent $3m raise last?
Here is the drill split and metres from January’s drill program. Note they ended up drilling three DDs. The company gave me a $400k ball park cost figure in December for this program. Roughly 30/70 DD to RC. Note 100% RC would be vastly less per metre.
Do the math peeps, they don’t need to raise. Whether they do is a different matter. But their current cash burn does not appear to warrant a raise. I would only raise here if some strategic investor wanted in. Note the ANT survey was completely FREE!
Just selling Tirupati alone would cover about 4000m drilling at 30/70 DD to RC on this costing.
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