They have a bunch of payables coming up - to pay DRA Global & ALS for the met work, orelogy for the mining studies, Fortin Pipelines for the pumping option to transport. They have the consultants to pay for the permitting work and the cost of the surveys. After the last raise in May 2023, the June 2023 qtrly said they had enough funds for 5 qtrs. Then the last Qtrly in Jan 2024, it said they had enough funds for 7 qtrs. This I believe was based on the very low cash burn rate in the December qtr and we are likely going to see a significant increase in the use of cash this qtr.
In addition, more funds will be required to take the Scoping Study to PFS and then to DFS.
So, yeah, perhaps the CR will come after the Scoping Study but as I said before, many junior miners do the CR and then release the good news with running room to the next major news event/milestone allowing the SP to rise without a handbrake.
Again...just my opinion.
1AE Price at posting:
11.8¢ Sentiment: Hold Disclosure: Held
