$3mill at the end of June buys TNG another 2 quarters for all things Mt Peake. With the cash burn from Mt Hardy they would run out of funds much sooner than that. I guess we can therefore expect another raising (or buyout) by October/November that will be Mt Peake related?
Management may be thinking (hoping) that Mt Hardy delivers the goods and allows them to raise more capital at a higher price by the end of the year.
I am fearful they have already missed this boat for raising off the back of Mt Hardy results.
Still a long for me. I plan on topping up as soon as these shares hit the market and have been largely sold off (perhaps end of May).
It's hard to be critical of management at this time. We do not possess all the information. If Mt Hardy comes up trumps and we raise again later in the year at 13c+ you will be singing their praises.
Lets not forget, pre Mt Hardy this stock was dwindling at high 7's/low 8's.
TNG Price at posting:
7.7¢ Sentiment: LT Buy Disclosure: Held
