It's an unfortunate pattern repeated numerous times, when a company rushes into production without having their funding fully finalized - a mistake juniors make but mid-tiers and above know not to.
GLO.TO is an example of this, although their situation is even worse because they've been hit by a military coup in Niger. But the playbook has been very similar - lots of talk about non-dilutive funding which never came, started construction based on cash reserves, market circumstances (both military coup and sinking uranium sentiment) meaning they are now having to raise cash into an ever-sinking share price to try and keep their workforce and finish the project.
The simple lesson is that if you own a junior who starts construction without a) doing FID process and b) without being fully funded: GTFO
GLN Price at posting:
11.0¢ Sentiment: None Disclosure: Not Held
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