Again, I find myself in agreeance with other posters.
They are very slow and only seem to want to do rock chip samples, soil samples, air surveys, and maybe a few DD/RC holes.
Between 1st Apr 2022 and 30th Sep 2024 we are looking to have spent about $25m.
I'm not exactly sure what value has been added for that dilution, other than to the data bank of the Newfoundland national geological foundation.
Another criticism I will add, add I hope management read this, is the publication of the Appendix 4C in $CAD.
We are an Australian company, listed on the ASX, and management don't even have the courtesy to publish these reports in $AUD.
Canada is officially a bilingual country speaking both English and French.
Why don't we change the quarterly report to be written in French as well?Back to the capital raise, I think if we burn about $3m this quarter then that should be enough to get us to Q3 FY25.
Winter will begin to clear in Feb 25 and we will start field work then.
I think that's when we raise capital.
Hopefully these assays from Malachite will show something, and they're supposed to be imminent also (2-3 weeks).
If not, well, our lowest recorded share price is about $0.030, and with no exploration success with the RC/DD, cash running out and heading into another winter where exploration is limited, I'd guess we are looking at heading back down there or lower.
We've generally raised ~$10m every year around the end of the year to do the work we need to do (rock chip samples, etc).
We're currently sitting at $22m market cap.
To raise $10m from a $22m market cap we need to dilute ~45%.
I find this extremely concerning.
Again, I'm an unqualified mug punter who's just expressing my probably wrong opinion.
Please do your own research and if you can challenge my comments I'm happy to walk them back/eat crow.
Best of luck punters.
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