The recent results was to try and show what they have to the large players, but with so many deals in the market happening at the moment time might be running out for them this half year to not raise more cash elsewhere.
They have been talking of a JV similar to HIG / COY for years and still nothing.
Who cares what the photos look like and what they report they have in the ground - more focus is needed on thier Cash Flow Report
Though exploration has slowed from last quarter they still need to continue this path to try and and show results to get some corporate interest. After spending 1.5m last qtr i think they are extremely light on cash at the moment c. 500k is my guess based on Qtly, with a PLACEMENT around the corner needed urgently.
The large sellers IMO are guys who are going to get shares in the Offer/placement at a discount ie cash up and buy more cheaper - price could be 1.2c - 1.4c so no surprise to see weakness.
This is normal practive in these type of companies.
The recent results was to try and show what they have to the...
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