"Does any of you consider a more than $290 000 contract over two months to be "very low spend " ?"
Whilst I admittedly am unfamiliar with standard costs associated with drilling, when taken into context, I can understand the argument that this was potentially a low spend. Vitrinites 7% holding in X64 has a market value of $10million based on yesterday's close and their share of the $120million cash and bullion approx is worth around $8.5million to them. The $290k over 2 months is revenue not profit, so the bottom line benefit would likely be substantially less than 290k.
Given Vitrinites $10m holding, the 290k revenue doesn't in of itself seem like a big deal. The concern is what happens to our 120million. A capital return guarantees that some of it at least will get back to shareholders.
Just my opinion
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