Thanks for posting this, learnt something new here, I wasnt aware that they cant even mine uranium in WA , basically they can sure up the resource, but can not mine, (projects approved before the 2017 Labor government’s moratorium are allowed to continue.)
Basically this company is just a waiting game till laws change before there is even potential of making a cent. This goes for most of the uranium companies on the ASX, The only state where is legal to mine uranium is South Australia.
Seeing thats the case, its not really surprising to see this drop in share price, basically movements would be on political changes more than anything.
CXU has got 4.5 million in cash (before cannacords potential shortfall uptake of 1.5 million), Management paying themselves $1 mill of that cash a year, and average cash burn of $1 mill a quarter. Its only going to be a year before then need to raise again.
CXU Price at posting:
1.4¢ Sentiment: Hold Disclosure: Not Held
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