I guess the timing for the next capital raise depends on how low they want the cash balance to fall.
As at 30 June they had ~A$8.1m and forecast cash balance for the end of September is down to A$4.8m (based on their forecast September quarter spend).
If the trend continues they will be close to out of money by year end if they keep on drilling hard with extra rigs.
So a raise well before year end to avoid the Xmas rush and the January shutdown?
Ann: Adriatic Metals Corporate Presentation, page-255
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