Undaunted,
That is rubbish imo. Should be something like $30-35m available with cash in bank, GIC, 10m loan from ANZ and current injection. Also more *should* be coming from CLY deal.
That is more than enough to drill and complete plant modifications for what would be stage 2 & 3. Buccaneer might be a different beast however.
Additional drilling will prove up reserves anyway.
ann secures 19.6 mill strategic investment, page-16
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