Ann: $20 Million Placement to Advance Antler Copper Project, page-10

Nothing says lack of confidence like a huge $20M CR at the beginning of a new copper bull market at very close to the LT lows and previous CR's... I get they need money to keep working towards the PFS, Reserve drilling, DFS, exploration decline etc, etc but why go so f'ing hard, so cheap so close to PFS and drilling results??

No SPP again, just use keep exhorting retail cannon fodder in presso's or coffees with Samo to support the dream on market while the brokers keep selling down each CR to make way for the next heavily discounted cheapie greasy. Ultimately management are well renumerated running the company or renting out it's offices etc, and shares are almost entirely freebies over the journey, so I get why a cent here or there makes little difference to them. Just so long as the horrible junior FS dilution pays the bills to reach the finish line...

So where is the finish line then? Well, that's my biggest gripe of all my grizzles here. Agressively sold "bring back into production shortly" reality always said the rusty old headframe would save no time in the well-worn path to permitting and DFS. Once the BLM told the comapny they would have to jump through all their hurdles despite Antler being on private land and Patented Lease (I guessed this happened early 2022) the time frame was going to blow out and and >1/qtr CR's with it. Still, I have been surprised by the cash burn rate while seemingly sitting pat "doing more metallurgical work" or whatever the delay de jour excuse is.

Just went back to review CR's the last couple of years, maybe the upsized $20M reflects MH's view that 10% higher placement price than the last 4 CR's was too good an opportunity to pass up? I say he should have gone cut half this $20M and backed in the PFS and exploration drilling into a copper bull market... but what do I know from outside the tent?


As 2 years of CR's passed and deadlines keep sliding out, the 'use of funds' hasn;t much changed in the sale pitch...

July 2022 CR

JULY 2022 Presso Slide


GLTA Broker Clients, this might be the time to hang on not flip out for easy 20% (not holding my breath though)