PRX 0.00% 0.3¢ prodigy gold nl

Read the fine print Salt; "In May 2016 IGO triggered phase 2 of...

  1. 1,327 Posts.
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    Read the fine print Salt;
    "In May 2016 IGO triggered phase 2 of the agreement to earn a 70% interest in the project. This involved subscribing for $1.5M ABM shares in placement with a 6 month escrow period and spending $6M on exploration on the project over 4 years."

    The Lake Mackay region was given away because of the epic failure of ABU in the period 2013-2016. ABU should be developing this site on it's own! ABU has only a 30% interest in a possible deposit that is so remote I doubt any mining firm would take an interest in developing it. ABU can't even raise any interest in Old Pirate.

    As stated many times, ABU should have generated cash flow by developing OP using their gravity feed plant as they stated in their 2013 annual report, the high vein grades may have been there if mined correctly.

    Cash flow is the key, cash burn is for exploration increasing significant risk for shareholders.
 
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