Hear ya mate- but how would we pay for the obligation of activity under the PSC agreement (remembering we have to submit activity and expenditure plans for the year ahead - for Mongolian approval, like we do every year"
We could have nominated perhaps a minimum spend, but that would still amount (despite the relatively low cost of drilling) for new activity- as that's what the Mongolians want to see- that there exploration licenses are being utilised.
So then we need to raise capital for new work...in addition of course to continuing the pilot at Nomgon (which, IMO, probably needs a few more holes at least).
Another cap raise for say $12-15 million....at 3c?
Ouch.
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