Cash from option due end April - they should have enough to get through 1H.
Cut & paste a recent post on this topic from another thread:
If they want to tap the holders for more coin - Mr Stokes has to cough up 51% of whatever they are chasing.
This might (and I say this with no certainty only conjecture) might motivate him to send a message to the management team - "drilling is too expensive, get out there and do a deal."
In fact he might have already sent that message in placing Ryan on the board & placing Dickie Court in the big chair.
Given the cash burn is around $5 million per quarter the next cap raising would probably be looking for about $20 mill (minimum) if they intend to continue this aggressive drilling for another 12 months.
Will Stokesy be happy to tip in another $10 mill or so?
Or will he be happy to see his 51% holding diluted if they could place (say) $20 million worth at around $2 with a Chinese steel mill - get another large holder on the register? Maybe Sumisho Iron would like to increase their stake from 5% to 10% and kick in the coin?
IOH Price at posting:
$2.04 Sentiment: Hold Disclosure: Held
