Plus I doubt anything other than good results will stop a catastrophic CR, the cynic in me says deals will be unlikely to progress with this companies cash position, unless they are heavily discounted. Why would you buy an asset of someone in a precarious cash flow position today, when the chances are you will get it cheaper tomorrow?
They had $3.2m at the end of last quarter, they won't stretch that more than 2 quarters. So we will be requiring cash to remain a going concern this quarter, if on a similar burn rate to last quarter. So unless they have managed to spend no money on exploration or evaluation, in which case their cash burn is about $700k per 1/4. But there has been drilling at Central Yilgarn and a lot of field work, so difficult to hypothesise they can hold out until Dec 1/4.
Silver lining is $300k in grants for drilling $150k Mangaroon and same for TY.
DRE Price at posting:
2.1¢ Sentiment: None Disclosure: Held
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