Interesting that they’ve cut qtrly expenditure by half. Down from $7M-$8M in previous qtrs to exactly $4M this qtr. Quite odd that it’s a perfect $4M but I don’t think they’re dodgey operators so likely some legit accounting treatment.
$7M in the bank keeps the coffers full for another qtr at the current burn rate but you have to wonder how much drilling they’ve deferred to slash costs.
They’ll still need to raise in 2022 IMO so hopefully they can lift the SP and avoid unnecessary dilution by raising at crazy lows.
EM2 Price at posting:
18.5¢ Sentiment: Hold Disclosure: Not Held
