The $9 million (after Kookynie’s $1.35M) was primarily spent on:
Exploration (~38%): $3,491,000 on drilling (Mt Stirling and Kookynie), soil sampling, aeromagnetic surveys, and data analysis to confirm gold and REE mineralisation.
Debt Repayment (~28%): $2,572,000, including $2,022,000 in convertible notes, reducing financial liabilities.
Operating Costs (~23%): $2,095,000 on staff, administration, tenement rates, and corporate overheads to sustain operations.
Unaccounted Costs (~11%): ~$963,000 (difference between calculated and actual cash). Likely includes additional exploration, legal fees, JV commitments, or timing issues with inflows (e.g., Tarmoola’s $2.75M).
ASR Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
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