Hey Bunn,I believe this has already been addressed in another...

Hey Bunn,

I believe this has already been addressed in another thread.

Just a clarification on your calculation regarding the $13.5m Jul-Sep expl funding cost: This comes from the "fund source vs use" table below, which was created prior to the September quarter release. It reflects known cash positions and expected expenditures at that time.

However, using the closing cash position of $1.3m from the September quarter in your calculation does not fully reflect the situation unless we also account for how the difference in cash position of an additional $3.8m and how it was expensed during the Sept quarter.

Additionally, as noted in the referenced (*) section, we may need to raise at least $4.2m if the royalty from the PEA isn’t achieved by early 2025. However, if we hit the new target JORC and the PEA is successful, we could secure an additional $4.8m on top of the $22m listed in the table.

That said, I acknowledge that these figures are estimates, and the actual outcomes may differ. The December quarter results should offer further clarity, though I suspect not all answers will be fully clear.


It’s reasonable to expect a CR in the next 3-6 months, regardless of the JORC or PEA results. However, if either target is achieved by early 2025, we might see a better share price leading up to the next CR.

IMO, 2025 is when we’ll have a clearer picture of AW1's direction but I do expect price fluctuations along the way, but hopefully, 2025 brings a re-rating of the sp.

As usual.... Good luck to all!