G6M must be announcing their next round of fund raising soon. Information flow has been zilch since starting the ramp up from G6M. All we know is they managed to ship 13 tonnes of concentrate in time to trigger managements performance bonus and then another unknown second shipment was made but no guide to the size of it and no guide of further shipments since then.
The annual report stated they are chasing another $19 million AUD in funding to keep the lights on.
They are going to be burning cash for at least another 6 months I think. It will be interesting to see what reasoning they give for the further funds. It will also be interesting to see what their fund situation and production results for the quarter are when reported in a months time. I expected the funding announcement to be out already. If it has to be a capital raising based on shares its not going to be pretty. If they can not get the funds full stop even worse. The lack of communication would indicate they don't have much positive to report on.
They commenced production in May meaning the next quarterly will include 3 full months of ramp up.
In the mean time EQR have been killing it with production records being broken constantly and a solid flow of information. Not to mention the Saloro acquisition.
G6M must be announcing their next round of fund raising soon....
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