Good point. Looking at 2023's wet quarters (Apr-Oct), cash burn averaged 772k per quarter. So I correct my calculation, should sit at 1,661/772=2.15 quarters remaining. They may hold off on a cap raise until the October quarter. Maybe by then REO prices are back into the 70-90 USD/kg Nd range and there is more life in the sector.
MRD Price at posting:
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