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7.4¢ buxton resources limited

I think they are focused on getting the initial drilling at...

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mileraFC

482 Posts.

135

23/03/24

09:43

Post #: 73023497
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Originally posted by JandJ: ↑

From last Q Cash report - Cash at 31/12 is $1.58 mil + $0.58 mil Cash Call on IGO received since = $2.16 mil. Burn in that Q was $0.75 mil.

So they should have ~ 1.4 mil at end of this Q (if drilling costs were maintained in this Q, which is doubtful) - enough for 2 more Qs, but they will raise before that as you suggest.

I think of greater interest will be IGOs approach to the new situation at Copper Wolf.
My hunch is that IGO will be keen to bring CW on, including BUX's 100% owned surrounding tenements. BUX needs to continue to hang out the carrot, maybe to the extent of a couple of shallow holes to enhance the geo knowledge.

And then there is the problem of BUX's crazy low M.Cap of only $17 mil - NPV of programs must be many times that.

So IMO there is a lot of blue sky for Bux, but where they will build their house remains to be seen.

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I think they are focused on getting the initial drilling at Wolverine done. If that’s positive then in a good position to renegotiate with IGO, which you would think would include more spend and some $ to BUX. I think the survey results are due early April, then progress to drilling soon after, so would have to think mid year. Not ideal scenario to negotiate but I’m sure they have options.

BUX Price at posting: 10.0¢ Sentiment: Buy Disclosure: Held
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