Great drill results but....
Capital raise is likely which will be at a discount to any market price (probably a 20% discount) .
This from the December financial statements:-
Cash and cash equivalents at the end of the period $2,500,076
"Liquidity, funding and going concern
As at 31 December 2021 the Consolidated Entity had cash reserves of $2,500,076 and net current assets of $2,143,463.
The Consolidated Entity requires further capital to fund future exploration activity and meet other necessary corporate
expenditure.
The ability of the Consolidated Entity to continue as a going concern is principally dependent upon one or more of the
following:
• the ability of the Company to raise additional capital in the future; and
• the successful exploration and subsequent exploitation of the Consolidated Entity’s tenements.
These conditions give rise to material uncertainty which may cast significant doubt over the Consolidated Entity’s ability
to continue as a going concern.
The directors believe that the going concern basis of preparation is appropriate due to the following reasons:
• To date the Consolidated Entity has funded its activities through issuance of equity securities, and it is expected that
the Consolidated Entity will be able to fund its future activities through further issuances of equity securities; and
• The directors believe there is sufficient cash available for the Consolidated Entity to continue operating based on the Company’s cash flow forecast."
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- Ann: 105m of 1.94% Cu, including 16.6m at 10.2% Cu and 316g/t Ag
Ann: 105m of 1.94% Cu, including 16.6m at 10.2% Cu and 316g/t Ag, page-88
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23 | 6503015 | 0.004 |
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