Yes, reading between the lines it would appear they have made good progress with the project financing in the last month:
- May: "Engagement with additional debt Financiers ongoing"
- June: "Engagement with debt Financiers progressing positively"
As you noted: "non-binding terms sheets have been received from domestic and international finances"; and "Boab is confident of securing a financing solution for Sorby Hills that achieves the level of gearing targeted by the company"
I would also like to note the closing gap between market cap and pre-production capex, previously it was around a 1:10 ratio (30:300), it looks it is heading towards a ratio of 1:4 (50:200) assuming relocation and refurbishment cost of ~$50 M for the De Grussa processing plant (~$60 M total as opposed to $130 M). This is just high-level.
I need to properly update my valuation to include the second hand processing plant and expected dilution, but it is looking positive so far. I just hope they can raise at or above $0.2 per share and limit the raise to $100 M for 750 M shares total, as to target a post-tax NPV8 of around $0.6 per share or more.
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Mkt cap ! $55.84M |
Open | High | Low | Value | Volume |
20.0¢ | 20.5¢ | 19.5¢ | $244.2K | 1.215M |
Buyers (Bids)
No. | Vol. | Price($) |
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9 | 249818 | 19.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
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20.5¢ | 80000 | 1 |
View Market Depth
No. | Vol. | Price($) |
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8 | 244741 | 0.195 |
6 | 283815 | 0.190 |
4 | 219935 | 0.185 |
8 | 343805 | 0.180 |
5 | 178835 | 0.175 |
Price($) | Vol. | No. |
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0.205 | 80000 | 1 |
0.210 | 426351 | 8 |
0.215 | 153630 | 6 |
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0.230 | 211679 | 5 |
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