These guys are piloting a kamikaze flight to oblivion! At the current rate of burning cash unless something drastic changes they will simply run out of cash by the end of 2025.
From over $9M to just over $6.5M cash at bank in 3 months or $5.3M after debt they are burning some serious cash. (Hey Ian! Maybe cut back on salaries and admin of over $1.7M a quarter???)
Does this surprise me? Nope. See my post earlier this year. I suggested they would run out of cash and its happening, it is definitely happening!
They think they can partner up with somebody with bucket loads of cash which would allow them to drill. Really? Their track record for drilling is crappy at best. Any partner would want too much of the action making the whole process untenable from our perspective.
These guys have their collective head buried in the sand explaining why they have sat on their collective backside doing nothing for the past 4 months. They have just given up.
The only way out is to raise fresh capital to launch a viable drilling campaign or that kamikaze flight is going to crash later this year taking your money with it!!!
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