Westafrica and Burkina Faso, page-45

look, the drill results are good but that won't make a company - especially in a non-bull market

I don't buy that management didn't do a resource upgrade to save money. they didn't have enough data to support doing a resource upgrade, as they only completed 40% of the drill program.

PEAs are cheap and it's an entry level study (and they shouldn't take this long). I don't know what you mean by PP? but the way it works is you normally do a PEA -> PFS -> DFS -> mine plan -> production. it's very early days. along this journey you have drilling for resource upgrades and the approval process.

the sheer fact that management didn't raise $5M+ at higher prices was a big mistake. I pointed that out at the time. management were waiting for the market to recover and didn't want to raise any money. now the share price has lost 75% of the IPO raise price and 50% lower than the raise a few months ago, and management need to go back to the market and raise money at dirt cheap prices.

if they raise another $1-2M, that wil be good for a quarter or two but they wont make any progress. this will be 2-3 cents by the end of the year, if that happens

unfortunately, even if it was a bull market, companies that are making no progress don't see good share holder returns. so considering this isn't a bull market, the market is absolutely punishing managements decision and the lack of progress...and the market sniffs a cap raising at cheaper prices to (potentially) finish off the PEA (which should have been fully funded).