Ann: Dalgaranga Update and Continuation of Voluntary Suspension, page-17

Been thinking about their recapitalisation options.
I wonder if they are planning to float Glenburgh/Mt Edgeton?
Why else would have they drilled there during a period when cash was so tight other than to create interest in this project?


Here's an example of what this spinoff could look like....

200,000,000 shares @ 12.5c would give this entity a MC of $25,000,000
100,000,000 shares to existing shareholders distributed pro rata or 0.23 shares per 1 GCY share
25,000,000 shares retained by GCY
75,000,000 IPO to raise approximately $9,000,000 cash to fund new entities exploration budget.

Pretty good value for an at surface, lightly drilled, fully permitted half million-ounce greenfield project endowed with multiple kms of undrillled strike length.