Quarterly said they have 2.5 quarters of funding at planned expenditure. It is already clear that their discovery is large, albeit low grade. Market cap of about $29m. Roughly 60m shares on issue, which is clearly tiny. Test work seems to indicate that its a sulphide resource, and likely financially viable
Even if they choose an initial focus on top 400m, there is still a lot of drilling to be done - hence further significant capital raising, JV, or takeover. If they are going this journey alone, I hope their next raise is much larger than the last, as I guess they will need $20m or more to drill out the discovery area.
At what point do they come onto the radar of potential acquirers?
WMG Price at posting:
47.5¢ Sentiment: Hold Disclosure: Held
