July 02, 2021 - Sale of investment in Bulletin for $2.23 million for "ongoing exploration at the Lake Carey Gold Project" (sold at around .06 cents and currently trading at 20 cents)
July 15, 2021 - $3.38 million raised for "Aggressive Drilling Program Lake Carey Gold Project"
8 months later, where are the results from this $ 5.61 million
Half-year accounts at Dec 31st records only $1.082 million spent on "exploration and evaluation"
Now lets look at the sale of assets to Lindin for $ 20 mill.
Cash component is 6-15 million.......lets assume $ 15 million of which 1 million already paid.
$ 5 million is probably to be paid in 24+ months. That leaves $9 million maximum at completion of sale. But...
$ 4 million of loan debt at 12% is still on the books.
$ 2.5 million in trade payables is still on the books.
To me that leaves $ 2.5 million + $ 1.1 million existing cash (as of Dec 31)
That sounds like enough to keep the doors open 'till Christmas 2022 at best.
Where will they find the money for exploration in Thailand, Lake Carey, and Mill feasibility studies? Is there another capital raising coming up?
MAT Price at posting:
6.9¢ Sentiment: None Disclosure: Not Held
