There production targets have away turned out to be fanciful. If you look at the Nossa presentation from last year they gave themselves a tick for the 900-1200T even though they didn't hit it. This year it looks like MC did 850T or 1700 @50% of the 3000 - 6000. This also means that production for the last quarter was only 500T. So to me they are still losing millions a quarter at MC on top of the losses at saloro, which also needs further capex spending.
So they must be fast burning through the $4.5 million from the last raise, yet they are spending cash to investigate processing the wasted dumps at wolfram camp and are doing drilling looking for a greenfield discover at bamford hill. O and spending cash on doing DD on at lest another mine purchase.
All to make sure the world does not run short of tungsten, which will keep the price down.
Not many more sleeps until the quarterly, to work out when they will need to raise more cash.
EQR Price at posting:
4.6¢ Sentiment: Sell Disclosure: Not Held
