Ann: MetalsTech Commences Diamond Drilling at Rusty Lake, page-58

$1.527M was left as of last quarterly, with a $867k projected spend this quarter including the payment for Bay Lake North as well as the drilling program.

The maximum would add AUD$1.67M, but I'm assuming it'll end up as something like $1.5M.

This would mean a total of $2.17M cash remaining.

My very rough personal estimates extrapolated from the company projection for this quarter and projected drill campaign length:

Assuming this quarter:

-Rusty Lake drilling

-Rusty Lake extension program or Bay Lake main maiden drilling

-Cancet phase III extensional drilling program (This may secure project level funding before it happens)

=~$1.2M (depending on how extensive Cancet's phase III is)

This means the company would be left with around a smooth million dollars with 4 sets of drill results. 

This gives it a good amount of runway to secure favourable funding using the drill results. I'd like to see project level deals so as to not be giving away a piece of all 10+ projects to new investors (even at 30c who wants to give away drilled projects with millions spent for 3c each), but worst case this company has been able to do this in a less developed state (and after a long period of weak prices below 10c only weeks previously):

Oversubscribed too, granted battery minerals were more popular last year but we're talking about the same company with more projects and more drilling results so how hard could it be for brokers to earn their fees/options and raise at a higher price than that next time around?

Historically CR's have come after a price surge (Like the one at 24c in April) so I'm surprised that the selling action indicates the smaller holders are choosing now to sell.  

This clarified the current price action to me, despite the top 20 alone holding 60%, there are many people who surprisingly only hold a few hundred dollars of shares each which explains why they don't care what price they're selling at: