WMG 2.04% 24.0¢ western mines group ltd

Quarterly said they have 2.5 quarters of funding at planned...

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    Quarterly said they have 2.5 quarters of funding at planned expenditure.
    It is already clear that their discovery is large, albeit low grade.
    Market cap of about $29m.
    Roughly 60m shares on issue, which is clearly tiny.
    Test work seems to indicate that its a sulphide resource, and likely financially viable

    Even if they choose an initial focus on top 400m, there is still a lot of drilling to be done - hence further significant capital raising, JV, or takeover.
    If they are going this journey alone, I hope their next raise is much larger than the last, as I guess they will need $20m or more to drill out the discovery area.

    At what point do they come onto the radar of potential acquirers?

 
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