At 31 May 2022, CNR reported A$4.7m cash at bank. The strong investment taking place to facilitate drilling at Musket and Sabre at Fisher East has incurred an average cash burn of $400–$500k/month. The budgeted drill program is expected to inform a resource update over the next few months, ahead of requiring further funds for continued drilling and a scoping study in 2023. Given the successful drilling track record to date, the quality of CNR’s Ni assets and its relative valuation vs. other similar Ni projects in WA, we do not see this as a significant hurdle.
CNR Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held
