Hi @ad0, I recently had a look the Adelong Gold Mine Forward...

Hi @ad0, I recently had a look the Adelong Gold Mine Forward Program document submitted on 30/11/23 & in regard to drilling it seems to indicate "some further drilling may occur at Caledonian in the next 3 years" (which aligns with ADG's "drilling now deferred" comment that management highlighted in gold colour on page 9 in the Dec'23 quarterly).

I suspect ADG will need to raise $1M+ in the next 6 months with $500k+ cash evaporating in Cosmo tenement expenditure & $250k+ evaporating in loan repayments (convertible note) that matures on 23/07/24. Probably unlikely the lender will be keen to convert their $250k loan into 10,416,667 shares considering there's a high probability they'll be able to buy between 62M to 83M+ shares on market (with $250K cash) by the time the convertible note matures in late July'24.

Unfortunately ADG's inability to secure the necessary project funding to upgrade the plant is consistent with the multitude of historic companies (over the past 40 years) that failed to realize their gold production hopes & dreams for one reason or another.

Occasional skinny budget drilling at Adelong until it gets sold to the next hopeful explorer...