You go for it, genuinely hope you make heaps of money.
They are not 'debt free' to start with. The 7.5m deferred payment owing to Perilya is secured by mortgage over the company's tenements - it's very definitely a debt.
In their own words:
"Deferred consideration payable to Perilya Freehold Mining Pty Ltd and Mount Oxide Pty Ltd for the acquisition of Mt Oxide has reduced from A$15.0m to A$7.5m payable December 2026 (previously June 2025), with the reduction supported through a mortgage over the Company’s tenements"
Anyone who does a small amount of competent research will know that there is enough cash to cover the up coming drilling programs. They will be relying on results from those to drum up fresh interest for a CR (or to sell out).
On the bright side I fully expect decent drill results from Vero, so the plan is solid. Just not going to be a lot of topside impetus until results start to flow.
TNC Price at posting:
43.5¢ Sentiment: None Disclosure: Not Held
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