BCN March Surprise, aka The Judd News, page-6

A release from BCN through the ASX on 19th August 2019 was headed as follows:
$8.0 MILLION PLACEMENT TO ACCELERATE EXPLORATION PROGRAMMES AND TO EVALUATE EXTERNAL PROJECTS

It went on to say the money was for exploration and resource definition of the Jaurdi Project paleochannel system and other 100% owned leases nearby, the Stockdale tenement and the Black Cat mineral resource. It also mentioned external resource and reserve opportunities.

Clearly some money has been expended on exploration in the areas mentioned above as indicated in the last quarterly report and more is planned or underway for this quarter. But the bulk of the money seems to be being withheld for 'external resource and reserve opportunities'.

I noticed that Coolgardie North (CM1) Geko mine goes into liquidation today (7/2/20) unless shareholders have come to some agreement re the holding of the 'deeds of company arrangement'.
The Geko mine has an ore stockpile on hand and is close to Jaurdi so to my mind the timing and situation make it a possible target as I have stated previously.

In summary, there is no question as to what the money was to be used for: Exploration and a possible acquisition. The exploration is in progress so it's just a matter of what will be acquired assuming the $s on hand can be matched to what is available.