I love reading about infill, extensional and even some reconnaissance drilling by the company! Another big 3 months of drilling will continue it appears. The company seems to be working hard to make this a genuine 3 mine company. Looking forward to the update MREs for the Dingo Range and Memot tenements. Will they each reach 1.5Moz?
Seems that things are on track for the stage 2 EMR. The money is now all coming back to the company with the Sprott finance repaid. Sprott Capital Partners have estimated an approx. US$200M capex cost attributable to the 2 news mines (from memory).
As per the 10 April announcement-
So, if one projects a US$80M cash build over the next 2 quarters, then the cash balance may reasonably be around US$210M. I'd expect a better cash build given the company is now debt free and will be getting a better gold price per ounce. This funds the new 2 mines, and of course if you add a 3rd quarter of the same cash build, then it is likely that no dilution or debt will be required to carry out the 2 new mine developments. This has been the repeatedly stated aim of the company for a long time, as expressed by Mr. Hart.
Let's see what the remaining 3 quarters deliver this calendar year, but I anticipate more cash and more drilling and thus reserve ounces. This appears to be all coming together nicely.
GLTAH
EMR Price at posting:
$4.04 Sentiment: Buy Disclosure: Held
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