Great quarterly imo. Very low cash burn of only $ 2 million which was important. I also like that there was only $500k spent on corporate and staff costs which shows they are running as lean as Rafael said they would.
$320k from directors yet to hit the kitty from the last raise as well, so we should have had $2,860,000 at the end of this quarter. At the current cash burn rate we should make it a couple of months past the PFS, which is great as the PFS will show if the project is the real deal or not and has the potential to be a major catalyst.
"Released a comprehensive Scoping Study confirming Colossus as a world-leading rare earth development, with simple and environmentally friendly processing, the global lowest-known cost producer, and a longlife mine plan underpinned by premium MREO grades and high recoveries."
I like that they are now stating that they are the
lowest cost known producer, which is amazing considering we are comparing ourselves like for like with quality companies like MEI next door. The below chart, showing 106mt @ 1,048ppm MREO is probably the most misunderstood part of VMM and is why we can say that statement.
A very big couple of months ahead for VMM, Rafael is heading to Brazil in the next week or so for some major finance and equity meetings as well as the important community consultation, so there's still plenty going on in the lead up to the PFS being released in June.
IMO DYOR
(20min delay)