Ann: AGM Presentation, page-10

@dwayne pipe

I don’t think you can say they only have two quarters of cash remaining. Check the following:

From their AGM Presentation (Slide 15):
Cash and Investments - $8M (as at 23rd November).

From their Sept Qtr Cash Report (Page 4):
2.5 quarters of funding available based on $6,555,000 cash and $2,624,000 outgoings in Sept Qtr.

So let’s assume the December Qtr outgoings are the same as the September Qtr (ie due to Shillington Gap exploration and sterilisation drilling):

Therefore Qtrs remaining = $8,000,000 / $2,624,000 = 3.0 quarters of activity.

But this is the case only if their intense exploration activity continued at the same pace (which they don’t need to do).

That’s because we know that from Q1/2021 onwards, MDI won’t require the same outgoings to fund exploration; they have already doubled their proven open pit resources so far in 2020 (not to mention what they might find in Shillington Gap), and in January 2021 will have released the Feasibility Study.

MDI have also stated they will fund the recommission of Sandstone, including the potential upgrade of the mill to 750ktpa, using commercial debt (refer to ASX Release 26 October 2020). They are working through those commercial debt arrangements this Qtr in anticipation of a positive FS.

Rick Yeates and the MDI management team are doing exactly what they said they would.

Hold tight for 2021. IMO it’s a good time to get on board.

GLTAH, and always DYOR