There was roughly ~3 quarters of funding left June 30. It's also...

There was roughly ~3 quarters of funding left June 30. It's also worth noting that MRQ also holds the Norrliden Project in their portfolio (pg60), worth an estimated ~$608,000. The sale of such an asset would provide another worth quarters of funding if necessary.

So what does this all mean?

There will be a capital raise sometime between now and June 30 next year. Likely to be around Q1 2022. But does that make MRQ's current market cap over valued? Perhaps if you're pip trading. But if you genuinely believe where MRQ is heading, an $18m market cap is nothing.

A 10% dilution (raising 1.8m - another years worth of funds) will bring MRQ's MC to ~20m. Is that over valued? Not at all when MRQ could be worth upwards of $45m-70m in a couple of months.

Perhaps don't go "all in" and leave some cash aside to partake in the capital raise. The last capital raise was offered to investors at 1.3c per share, and I suspect the next one will be offering them higher. So in my view, currently 1.2c is an absolute steal.