@red-frog
You are not wrong on cash position, but as you can see from the March report, the net raise of $3.2 didn't kick in, nor did they draw additional debt. So the December balance sheet is perhaps unchanged as of March 2021.
My cash calculation as below:
In March Quarter, they produced 1990 oz at avg sale $2,326 = $4.6m, the receipt of $3.6m would be last quarter ore sale plus first two-month production, so they should still have around $1m receivable on the balance sheet, plus $1.2m balance plus $3.2m raise = $5.4m, and They have $3.2m investments
On the cost side, they had payable $5.1m + $4.3m March production cost + 0.75m March Overhead + 0.5m March desktop evaluation work = $10.65m, paid $5.4m = left (payable $5.25m)
For a 20m market cap, they have over 500k resources and over 120k reserves including Devon resource to reserve conversion rate over 50%. I am down a bit on this one, so I might not see something the wiser ones saw.
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