Ann: Quarterly Activities Report , page-4

SPM looks like it has some good assets to exploit. My concern is cash and dilution.

State of play:
Current $1.2m cash
Qtr 1 burn $500k
Qtr 1 grants etc $500k
Qtr 2 grants $700k
Qtr 2/3/4 burn $k???????

Some notable 2012 objectives from activiity report:
- Construction of a pilot plant and processing facility (doesn't sound cheap)
- Financial modelling and valuation
- Mining lease
- Environmental assessment

You don't need to be a rocket science to join the dots. Looks like a capital raising could be coming some time in the very near future...

Just my HO, DYOR