CMO General Discussion, page-13

I understand what you are saying, but what about improving the chances of getting some decent hits at their current projects, rather than spending capital on new ones?

After all, they were pretty positive about the Cu/Ni prospects at Mount Venn and they even announced a base metals 'discovery' at Minjina.

I suppose the problem is that they don't have enough capital for meaningful drilling campaigns. The $650k they raised in June sounds like it has mostly gone into modelling work for new targets at two zones in Minjina, but the quarterly was carefully worded in saying the two zones "could" be tested with a detailed grid of shallow aircore drilling to define targets for deeper drilling.

They spent $700k on exploration in Q2, but presumably the number is a lot lower for Q3, when they haven't done any drilling. But they will still probably be paying out another $100k or so in corporate overhead expenses for the quarter, which will eat further into a starting cash position of about $600k.

They look like they're in a tough spot. Presumably a capital raise isn't too far away, otherwise they aren't actually going to be able to do any exploring?