Interesting to read the presentation with regard to the proposed...

Interesting to read the presentation with regard to the proposed new gold project, and the promise to spend $1 mill on exploration if they raise $3mill.

Now they raised $4 mill for their existing projects, and year 2 exploration was to be over $1 mill but guess what, they have not enough money to do so,
They claim they have spent over $1 mill so far, this is not including the joint venture spend which was paid for by Oz Minerals, the joint venture is now dead mainly because WML failed to renew the tenements, have got them back but I assume OZL didn't have confidence in them.

Other than Musgrave which was paid for by Oz Minerals, the only exploration I can see is a few rock and soil samples at Pilangoora, so how can that cost over $1 mill, some of the claimed exploration was before they did anything there,
A total of 68rock chip samples and 588 soil samples were taken across E45/4790 and E 45/4796between 20 February and 3 March 2019, so so far year 2 which is over 4 months old has had zero exploration going by no announcements.

On the cashflow reports, as at 31st Dec 2018 they reported $1775000 cash yet on the next cashflow report they reported at beginning of quarter, that being 1st Jan 2019 they had $1175000 or $600k less, now this is supposed to be audited, this along with the rookie mistake of not renewing vital joint venture tenements is not good enough imo,

So they do not have the money to complete second year exploration spend, I have no idea how they spent $1 mill of shareholder money on exploration seeing they seem to have only did rock and soil samples at just Pilangoora tenements,

Now they want to raise more for a new project.

I have details on continued excuses why they cannot do any exploration at Mt Catlin tenements which are very close to the GXY Mt Catlin mine, but will leave that and others to the next post.