There's got to be something good cooking in the background...
On the surface it looks like high cash burn, low cash balance, and no finance.
They could have played this conservatively by not drilling on well pad 2 and 3 last year so they could save 7-10 million dollars and focus entirely on pad 1. Especially considering a single well on pad 1 can bring 828 tonnes of LCE to surface.
The discussion with the interested parties could be contingent on well pad 2 and 3 performing near or as good as pad 1. Hence Paulo riding the cash by the skin of his balls. The tapping of only 1.3 million from the ATM could be a sign that they think an agreement is close to being finalised.
Still no proper announcement for the drill results 3 months after completions. That's a lot of brine analyzing.
All IMO.
AZL Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
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