The last presentation outlined a $17M work program over 12 months. They will have no choice but to raise money.
Full scale development of Wonarah looks very unlikely.
These guys have delusions of grandeur. Can't help but think they took on too many executive level staff too quickly and then blew a big chunk of cash on the Tassie gold mine.
AD has been to N America on several occasions now and still no sign of a big investor. Legend is struggling to raise money despite Asian shareholders.
It is hard to imagine what plan B would entail apart from a cap raising. After the debacle of the last raising it will be interesting to see if retail punters will be lining up again.
With a further raising the directors will be left with a minority holding and probably not in a position to stop a takeover. A takeover may be the best option for the projects and a lot of holders.
As for the market, it knew that a Verte deal was not forthcoming. The difficulty in funding Aussie phosphate projects is now clear to all. The dollar isn't helping.
The company must cut costs (sack some staff), shake up the board and focus on developing one project at a scale that is economically possible.
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