Ann: Quarterly Activities Report and Appendix 5B - December 2022, page-32

Yeh, I'm starting to wonder about all that Cash at Bank... I mean don't me wrong, I love that we're cash flow positive and enjoying the big safety buffer while we're prospecting over in Bradbury. However, conventional wisdom is to use the cash for income generating plays, not hold it. If we wanted a cash return - we'd have invested our funds into a bank account. I want BRK to use their cash to increase value.

My fear is that management are holding onto a big lump of cash to forestall any further drops to the share price, after a shocking 2022. [logic here would be: "if we're holding 50% of our market cap in cash... how can we go down any further" - essentially putting a 'floor' on the share price].

My hope however is that they're building up a war chest for land purchases - which they'll unleash in either of the two possible scenarios:
1) Bradbury Prospecting proves up their theory of overlooked deposits i.e. double down on this operational play by drilling multiple wells at a time once the area is proven to be successful (so saving up the cash for that 2nd round of drilling)
2) Awesome SWISH AOI opportunities come up, i.e. take more leasehold to go the HBP route and then a longer term flip of land to a big player.

However, if we're already looking for a land flip in 2023 (as many on HC believe), then why wouldn't management use that cash inflow for the above opportunities, which would let management deploy the $30m they're holding right now?

Any thoughts? @danpech? Others?