Yes, no risk of a capital raise right now imo. In the next 3 weeks the quarterly cashflow report will be released and that will give us the latest balance! With the drilling co-funded and budgeted for already (since it was already meant to start late last year), it means expenditure is probably not as much as people expect for the upcoming quarter.
Mind you, as Ali suggested, if we do break out this week like our peers CGR, MTM etc have recently, why not raise while the interest is there. I would be happy with a premium raise around 8-10c. A break out is more than possible now that this 4c resistance level was knocked off during Fridays trading.
The good news is that in West Arunta with the institutional interest we have seen in WA1, RIO, IGO and ENR, the ball is in our court for funding. Banks and institutions, and other larger companies etc will now be approaching us for financial aid, meaning the chances of a good outcome and raise price are to our advantage. Unlike other sectors like Ni, Cu etc at the moment who have to scrape the bottom of the barrel to get a funding solution.
If we raise a good amount prior to drilling kicking off in February or before these 2x 500m holes are finished some time in March, we would even be able to extend the drilling program, keep the drill rigs rolling on, testing new targets etc. Meaning considerably more newsflow in 2024 and an increased chance of a discovery.
I hope management are thinking down these lines because if they just stick to the 2 drill holes then the phase 2 west Arunta drilling will probably be at least another 4- 6 months after. Rig availability and personnel availability is an issue these days.
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