Guys, remember the MC is about 60% compared to when listed, employee benefits are mostly issued shares and options. Please always read those numbers in context. They licenced a lot and they do a lot, hence about 6.5m in operational expenses. If sp was at 40c for example suddenly the spending / MC ratio would look 3x - 4x better.
18m cash plus 30m drawing down facility - well placed to get things done.
But if concerned, sell. No point in worrying.
GLTA
Ann: Appendix 4E and Preliminary Final Report, page-5
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