No revenue, we know that. Disappointing to let all the gas burn. But if they were there turning the taps on and off for potential buyers testing flow rates then!
Admin cash burn is a tad under $2mil a quarter with $7.971mil for the year. Admin costs went up slightly in this quarter at 2.277mil. Prob due to PC jetting back & forth.
Exploration & Developement costs are of course low. You would expect that.
Total Q4 cash burn was 3.123mil.
Even with the $28.583mil in for the year from financing activities, there was nil in the last quarter. Cash at bank left before next draw is $0.829mil. Just enough for 4 weeks. Then they start dipping into the loan facility again.
With the loan facility at $54.0mil and $46.150mil of that already spent, plus the 1.0mil they project to spend on development next quarter.
MAE has $6.85mil left + cash at bank, and at current cash burn thats 2-quarters left everyone. That will take us to the end of the year, just in admin cost alone.
Need an offer on the table by September.
Cannot rememmber when the loan is due again. Someone can tell me.
If the loan facility i srolloed again, that will be our only clue as to the future of MAE.
Hope this helps.
GSL.
MAE Price at posting:
24.0¢ Sentiment: Sell Disclosure: Held
