They did a placement in April and at June 30 they had $2.0m, which should see them through the next 12 months.
I agree that if they keep finding additional targets to drill & test, that the burn rate may pick up.
But on the other hand, the continued positive news will make it easier to go back to those sophisticated investors / fund managers to raise more cash.
A bit of dilution for existing shareholders, but well worth it in my opinion.
Ann: EM Identifies Multiple New Targets at Collerina-HLX.AX, page-5
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