$429,363.27 raised. Cash at the end of last quarter was $2.34M which was then quoted as 3.44 quarters. That means a cash burn rate of $0.68M per quarter. That mustn't include any drilling.
In the annual report "These conditions indicate a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and, therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business. The Directors believe that they will be able to raise additional capital as required and continuously evaluate the Group’s cash requirements. The Directors believe that the Group will continue as a going concern." I imagine a few more nerves surrounding that now.
Maybe it is time for directors to come up with a strategy for the company and to talk about it. A new standalone operation, JV into Northern Star Tamani. Drilling infill an tweaking existing resources isn't doing anything. Make a new discovery, do a deal with NST or perish. Continuing to drill existing resources that are too small without and agreement with a plant is uninvestable and is asking for failure.
PRX Price at posting:
0.2¢ Sentiment: Sell Disclosure: Not Held
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