Ann: Quarterly Activities and Cash Flow Reports, page-17

Optimistic? How? It's a complete rehash of old announcements, some going back to 2015.
Further exploration? The last two quarters their project news flow has either been delayed or failed to materialise at all. Also they clearly stipulate they only have 1.35 quarters of capital left – that was in December, we're now in February so we knock off another 0.25 quarter for Jan so we have 1 quarter and fumes which takes us to end April. Check out item 8.7 in the press release if you doubt me. 8.8 spells out the game plan – either we get another month or so cash injection when the JV pays us. Alternatively we hope for a R&D grant like last year for $1m. Failing that "Additional exploration activities and studies are largely discretionary and will be dependent on available cash."

Either way - not much likely in way of exploration when ~30% of our funds are being siphoned off in staff and admin fees and we have so little left we are in cash conservation mode. All just IMHO of course, but if you read the financials:



Oh wait, no I forgot ... everything is awesome! Share price is so cheap it is a bargain! The only way is up!
Seeing one last desperate throw of the dice cash raise some time in next four months and a concomitant capitulation in share price.