GBP 4.65M working capital vs GBP 1.86M quarterly burn.
They have enough to make it to the end of the year, expand concessions and commission an updated resource estimate.
However, if they are smart, they will do a capital raise Sep-Dec ahead of the resource estimate so it is not a 'sell-the-news' event.
Assuming they do a raise around GBP 10M or ~AUD 18M at $0.75/sh, that is roughly 24M shs for fully diluted share count of 175M.
Ex-financing, that is a fully diluted enterprise value of ~AUD 107M or USD 80M.
I have conservative target of USD 200M so that is USD 200M/175M FD shs = USD 1.15/sh or AUD 1.55/sh.
Ann: Quarterly Activities Report & Cashflow Report, page-4
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