Bullzeye maximum $6M approx. raising closes tomorrow. We know EMR is taking up its allocation in full. Will be interesting to see if the other holders do too. The Prospectus sets out the use of funds. The more money, the more drilling basically. There’s a couple of uses of funds that won’t change no matter the amount raised, even if only EMR participated in the raising.
Drilling results will be the next price driver it seems, if the gold price remains relatively stable.
Hopefully, the company produces 26,000oz this quarter. Costs expected to be USD$810 an ounce. USD gold price currently $1,769. Price hasn’t been below $1,625 this quarter, so expecting good cash generation this quarter.
I expect 2023 will be drilling focused, 2024 plant focused, and 2025 production/inaugural dividend focused. Is a $3 share price in 2025 silly?
GLTAH
EMR Price at posting:
$1.13 Sentiment: Buy Disclosure: Held
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