Rule 1 of junior mining: read the back pages, not the bullet points. I presume the “liquid assets” they refer to are their shareholdings in MAN, RDS and TG6 (and others I’ve probably missed, it’s hard to keep up where they’ve sowed their seed). But $12M less $9.7M cash = $2.3M which, funnily enough, is the figure Galan quoted their investments as being worth in their annual report as at 30 June 2023:
If you look at the share prices of those three companies since 30 June 2023 do you really think they’d be worth anything close to $2.3M today if they tried to exit? TG6 traded just $60K today, MAN did $2K and there were zero trades in RDS.
Releasing the quarterly after hours (again) and putting that dot point on the front page speaks, I think, to the desperate position they’ve got themselves in by refusing to bow to reality. Unless Glencore come through in the next week or so, it’s almost a certainty they’ll have to start tapping the ATM.
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