how to value a junior gold, page-175

A lot of these companies, whilst exposed to higher spot prices are still struggling to stay cash flow positive. If they were simply exploring, you could understand the high cash burn. But a lot produce and can't keep their company in the black.
Cash in the bank - look for a lot of it or they may not make it despite their JORC. Others will need to consolidate.

The below pic shows 70% had a quarterly overall outflow of cash, while 60% had an overall outflow in either YTD or Half Year to Date.


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CASH FLOW POSITION
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