In the September 2021 quarterly, cash at bank was $12.377m.
In the Dec '21 qtrly, cash was $8.553m.
On 22 March 2022, a 17 hole drill program was announced, covering 15,800 metres.
In the September 2022 Quarterly, the drill program was announced as being "completed" after 8 holes and 8,184 metres of drilling (excluding pre-collared metres of incomplete holes).
Cash then was $2.826m. No doubt considerably lower now.
Pretty obvious that the initial program of 17 holes, 15,800m was grossly underfunded.
Missing the mark by circa 50% of holes and metres drilled is extraordinary. An extraordinary miss!
In my day, this was called budgeting/planning (you get the drift). Baffling.
The reasons for this huge miscalculation have never been explained.
Why?
ICG Price at posting:
2.3¢ Sentiment: None Disclosure: Held
