This would have been a positive if it was done 18 months ago. It...

This would have been a positive if it was done 18 months ago. It would have been sensible to temporarily suspend Henty exploration and conserve cash for Dargues development. I recall suggesting as much at the time.

The reality now is resource conversion drilling isn't even paying for itself, much less maintaining mine life. I doubt there will be any meaningful cashflow from Henty that can be spent on Dargues over the next 12months - certainly nothing like what will be needed to get close to production or even attract debt funding.

It's likely any cashflow from Henty will be mostly spent on corporate overheads, without any significant funds put aside. Dargues will probably be sold at substantially below what UML has invested imho. I don't believe they have the ability to develop it any longer. Chances are in 2 years UML will have divested Henty, Dargues, and Bendigo if they can. Whatever cash they can scrape together will fund some exploration leases, maybe even followed by another name change and a capital raising. Seen it all before.

If anyone has a realistic scenario with costings that leads to a profitable and sustainable UML, please share...