I beg to differ on cash situation... a CR is needed well before the end of the year. Any smart BOD wants to lock in cash before it gets too low and certainly before drilling their headline project (Kimberly) in case it disappoints and share price collapses (possibly into a market correction, as bad luck usually has it when companies' find themselves facing a cash crunch).
Unless anybody can actually demonstrate that drilling, lab assays, geophysics, studies, soils/mapping etc has slowed down this Sep Qtr (which is the premium time to be in the field without your crews cooking or getting bogged) then I say they are heading for another ~$6-7M Sep Qtr spend and still running hot into the Dec Qtr... That would make the 30 Sep cash look something like this.
Acc Payable is usually 1-2 months of exploration spend, although sometimes invoices are held back end of the Qtr to flatter cash-on-hand, then paid first week of new Qtr. Won't know Acc Payable for sure until Ann Rep end of Sep, but ~$2.3M seems a fair and reasonable (could be higher). $11.7M 30 June will come down to $4.78M cash 30 Sep assuming another $6.9M expenditure, less approx $2.3M invoices payable still on the books, leaving ~$2.5M net-cash and the stock terribly cum-raise into October. Intense work programmes across multiple projects doesn't come cheap...
Crazy to go into Oct with one Qtr cash on hand at best, less than half a Qtr net-liquidity, and the Kimberly EM targets drilled first pass during September. If it's a winner no worries, shares jump into CR halt at higher price. If first pass is disappointing, how do you get brokers to tip in at any sort of price knowing there probably isn;t much good news coming and the headline project replacing Mangaroon-RE just got downgraded? (even if assays aren;t done, DRE plus others will know from logging and handXRF exactly what Kimberley results are in store).
My prediction (because you know I love making predictions on DRE) is TH for CR this week, maybe hold on until the Bookathara Nth rushed assays come back, but before rig starts spinning at Kimberley...
GLTAH
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