I do agree. But I think the market is only pricing the cash balance for now. $13mn over 260mn issued shares is 5 cents. The drilling cost of $26mn is of no value unless the balance funding is raised and on what terms. No JV no drilling. Drilling plant & equipment could go waste if balance funding is not organised. In addition to balance funding, the necessary approvals need to be obtained. So its a good story for now - but the value will be factored in due course as the JV & approvals fall in place. It will be a Disallowed for sure. I just topped up to bring my average cost down (maybe time to dust off from the bottom drawer to the middle drawer for now!) All IMO. Cheers!
Ann: December 2016 Quarterly Reports, page-5
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