Not impressed by how this has been spun. Surely the important news in this announcement is not the purchase of the remaining 10% of red mountain for $350k but the fact that JOGMEC have pulled out of the joint exploration deal leaving a US$4.6m hole in the exploration budget! Red Mountain was always a side hustle to the Karmagtai main event. Which was fine whilst JOGMEC were paying for it, but if XAM have to fund it, either the cash burn will ramp up or work will have to stop. My preference is sell Red Mountain and use the money to push on with Karmagtai. Otherwise I suspect it's going to be a dilutative CR later in the year when the updated resource estimate comes out.
Not happy, with this news or the way it's been handled.
XAM Price at posting:
2.8¢ Sentiment: Hold Disclosure: Held
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