Litigation and legal costs are mounting up:
True, but fines from ICC breaches are also mounting up and will outweigh the legal costs.
Debt is mounting up:
The company currently has no debt. There may be litigation funding available soon, but that will likely only be available if Locke determines that there is a good probability of getting it back with a large upside.
Cash is almost gone:
As at end of last quarter there was $11.75mill.
Cash from operating activities in the quarter was $3.8mill. Note that from the same quarterly report 'The Company’s net operating cashflow will reduce significantly for the remainder of the 2024 Financial Year. The Board approved an operating budget at its meeting in October 2023 which will cover operating expenditure for the next 12 months to remain a going concern. Activities at the Manono site, Dathcom Office and the Perth Office has been reduced to a bare minimum with expected savings in most areas. Site staff and activities has already been reduced to only cater for security and maintenance of critical items.'
The $11.75mill remaining will last longer due to minimisation of exploration and operating expenditure compared to previous periods.
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