"IMO it is also a bit strange that management want to get funds for a project which has not a JORC as I thought one needs a JORC for a BFS which would give potential investors an idea of possible profit margins."
You might have to read the raising docs to find out that they intend to use the funds to do a small round of drilling to upgrade to the current JORC standard and also from negotiations with tolling operators (currently underway with tolling operators in QLD, VIC and China) will be able to then release BFS.
Will it still be a $5m MC company then, doubt it, but keep watching all the same.
Ann: Norton Gold Mine Joint Venture Executed, page-42
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