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Ann: Phase 1 drilling program commences at CODA, page-173

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Ty Cat Mac

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20/06/24

21:05

Post #: 74414940
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Originally posted by Paul7890: ↑

I'd be on the phone to the MD about:

1. 480k raised for Western Dam on 08/04/2024 for a resource drilling program - no announcements or even passing commentary since then.

2. 170k raised for Charley Creek deep drilling programme on 08/04/2024 - no announcements or even passing commentary since then.

3. 60k raised for Cockroach rare earth and rubidium exploration on 08/04/2024 - no announcements or even passing commentary since then.

From the $1.5m raise, $710,000 (47.3%) of funds raised were for the above, not a single announcement or even passing commentary since.

4. 385k in market research, corporate and investor relation fees and REE research and technology arrangements. I'd love to see where this money has got them too. They could pay me and I'd charge a whole lot less. Honestly 385k, can we get a breakdown here.

300k for working capital, everyone has to get paid, it is what it is.

90k for GBA capital fee and 15k expenses..

So only 47.3% of funds raised were for definitively advancing projects (existing bank balances were used for POCOS), 300k admin costs you could potentially throw in because you need staff to progress projects so thats $1.1m (73.3%) of funds raised for advancing projects, and in 2.5 months not a single announcement about any of them???

As for POCOS I'd want to know more for the reason for the delay, no MD is going to tell you how long the delay will be exactly, but they should be sharing the reason for it in further detail (not just the fact there has been a mixup). What is the mixup, why did it occur.

I personally do not know the MD at all nor have I ever spoken to him, but shareholders deserve to know what is happening with greater transparency. I don't think that is unreasonable at all.

All IMO.

Expand

well now is the time to ring him & introduce yourself!

or slab copy your post into an e-mail & send it to him

ENV Price at posting: 1.3¢ Sentiment: Buy Disclosure: Held
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