If MAN needs a CR later it’ll most likely be to insto’s which will request at least a 20% discount to whatever the current VWAP is, that could be well below 3c by then.
What we do know is MAN needs to spend cash to complete milestones, generally a similar company would spend $5m per quarter on drilling re-entries and defining a resource.
Approvals for 2 wells were granted 4 months ago, not sure why drilling hasn’t started.
If MAN needs a CR later it’ll most likely be to insto’s which...
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