Its a tough mountain to climb from here.
In the next six months, a lot of money will be spent.
The projected costs on the planned work program is between USD $8 to $10M compared to available cash of USD $14.6M (Page 16).
The company should clarify what those "planned work program" is/are: does it include the 3D, re-initiate flow testing and wages and salaries of all staff working on the site including 88E staff or separate?
Secondly, the company should clarify the USD $16.5M Debt and what interest charges will be incurred in the next 6 months and also explain when they expect to receive the USD $22M receivable (Page 16).
On a best case scenario, the company will have about USD $10M left at the end of 6 months (22-16.5)+ (14.6-10).
On a worst case scenario, the company will have a few millions left.
In either case, the company will need to raise capital or sell down its interest to continue.
Good luck.
Ann: Investor Presentation - Project Icewine, page-70
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