They're spending about $10m a quarter and have $23m in the bank as at 31 Mar. DFS due end of the year. Maths isn't my strong point, but I'd say $23m gets them two quarters to play with. That takes them up to end of Q3. Maybe they'll cut back on exploration drilling to extend the cash, but a lot of it's going into the DFS development as well.
I think your quote "well-funded to ...." means they continue in the meantime until they need to do a CR in this quarter or the next. Doesn't matter when to me, but they will need more money. Just the nature of developing a multi billion dollar project.
Getting the Capex will be the interesting part. I think it will be much higher than the scoping study due to the size of the project increasing dramatically and inflation etc. They'll get the money of course, this is too valuable. Just going to take some time to see a product spat out of the mill...
Next significant catalyst might be off-take agreement now they've proved they can produce an excellent concentrate.
Or, they get taken over while they're cheap.
CTM Price at posting:
72.0¢ Sentiment: Buy Disclosure: Held
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