Hi All - I'm not a holder but am interested based on the exploration potential, however after a quick look through the annual report have a few concerns about the cash burn and the amount of it going back to the directors. Feel free to correct my basic analysis below:
Current assets $0.2M less current liabilities (trade creditors) of $2.8M plus SAM cash in ($3.2M) leaves $0.6M in the bank which isn't enough to meet the annual cash burn of $1.2M.
Not seeing how much can be spent on exploration to generate a bit of value if all the $ are being spent on directors fees, services to the company and the offices.
Thoughts?
WOF Price at posting:
2.5¢ Sentiment: None Disclosure: Not Held
