Ann: Adelong raises $500,000 to progress Gold & Lithium projects, page-17

Yeah, $100k tends to evaporate quickly when they're not thinking about drilling, but when they are just thinking about drilling the cash evaporates even faster.

ADG's cash position is only ever a thin veneer of liquidity at the bottom of the treasury chest & they're good at burning cash without doing much on site. Their cap raise back in late Jun'23 was presented with the headline "Adelong raises $500,000 to complete 2023 Drilling Program" but they never managed to do any drilling before having to scramble for another $500,000 CR injection.

After the cash trickles-in from the recent CR, it'll be interesting to see whether or not they manage to get a modest amount of drilling completed at Adelong during the Mar'24 quarter. In the context of the going-concern issues mentioned in the FY23 annual reports for ADG / Cosmo Gold and the commentary from the accounts auditor, things are looking increasingly precarious for ADG.