That quarterly is bad enough for me to call it quits.The cash...

That quarterly is bad enough for me to call it quits.

The cash burn rate is still far too massive.
Cash at start of quarter: 9.7mil
Raised during quarter: 6.1mil
Cash at end of quarter: 7.9mil

So they've already spent the entire capital raising plus another 1.8mil. At the current rate they'll be out of cash in another three months.

To turn the company around they need a much better gold price and vastly increased production. Perhaps in time this is achievable - but can they do it before running out of cash?

imho the company erred by investing so heavily in Dargues before an ironclad plan was in place all the way to production. Coupled with a depressed gold price and production problems at Henty I don't see how they can realistically trade their way out of trouble.

12mths from now the assets will likely be stripped off for a pittance and we'll have a 2mil market cap if UML is still trading at all.