You should not be surprised @Johnnyknowsbest I did bring this exact same argument up after the last quarterly report.
Staff costs are high, these guys are running multiple companies and subsidiary's, if you add up what they get from all of these they are on a tidy wicket.
So far this financial year including this quarter $966,000 of investors money has been burnt through and not a single drill bit has hit the ground.
Still, looks like they have enough to get the drilling started, not sure if they have the cash to wait for results to be released to hopefully rise at a higher price if results are good.
Would be nice to see a break down of costs for "Administrative and Corporate Costs" thats a bit of cash each quarter.
Interesting that the January investor presentation says the company had $450,000 in cash at time of release, yet 24 days earlier they had $419,000 cash. I know its only $31,000, but still a discrepancy.
WFE Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
