ICG 0.00% 0.4¢ inca minerals limited

The Cash

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    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?
 
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