In positive news they got their 5B out. After market close, pretty sure that's not a red flag.
Exploration spend was 20% of total, so 80% spend on G&A. That's the opposite of DEV which spent 80% on exploration.
They spent 6% of their market cap on G&A and so will need to raise about 8% just to keep the lights on and do the bare minimum of finding more rock chips. More if they plan on actually drilling.
5B 8.7 says they have .71 quarters of cash left. As of 31 Jun, so about 4 weeks of cash left.
They also say, when explaining this:
"Yes, the Company plans to complete a capital raise subsequent to the end of the
quarter and has capacity to raise further funds under the ASX Listing Rules."
Uranium bounced overnight. Anyone that can read knows the next SP step up results in a cap raise. If you desperately want to fund the directors lifestyle just wait till after the cap raise. Which would have been after the first rock ship announcement except they stuffed up by not having a competent persons statement and the SP is now even lower than it was before.
All of this bought to you by the word "stunning" being used for sub 1% U on a rock chip.
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