Agreed there shouldn't be a capital raise anytime soon, based on last quarterly they had $28k at end of quarter, they then received $1m R&D grant from the ATO. They have also advised they received part payment from Glencore of an undisclosed amount.
Assuming there's minimal exploration expenditure as most costs would have been expenses in the $1.2m prior quarter, we can almost assume it's only the staffing costs of $300k per quarter at the moment.
Even without the amount factored in from Glencore received already, there should be enough cash for 2-3 quarters. Not to mention there are still payments to come for balance of sample. Let's say safely there's 2 quarters as there was also $250k in net debtors/creditors owed at 31 Dec per the annual report.
That gives us until June before cash could be questioned, however by then I'm hoping a lot more has happened to secure funding/option exercise.
ESR Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
