Unlike other stocks you mention, VMM has actually drilled a hole and got assays back and has made it clear their flagship project is Colossus.
My understanding of ENV:
1) Charley Creek (flagship project):
- DFS 10 years old and barely any progress since. The opex and capex obviously have gone up since 2013, has the REE price (no)?
- Company diluting shares in half to fund other projects, but not Charley Creek... 300m options, 300m to Pocos vendors, atleast 30m for CODA + cash.
2) Pocos
- No results for months
- No indication where drills have been planned, how extensive this is or what the budget is? Can Option conversion fund all of this?
- There's no exploration permit for the larger prospect, so either you're allowed augers without a permit, or they are drilling the small tenements that are simply not minable that do have permits??? If this is the case... wtf why bother?
3) CODA
- No MET work, not even clear if this is ionic or not. So many questions.
- Obviously this is not funded for drilling. There's just not enough cash to fund all 3 of these which means a new CR (which is fine), but when combined with options being converted why not just wait for the price to drop
Considering the MC (factoring in options and payments to vendors), it's honestly not far off VMM already.
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