"Cant be much longer on the initial drilling program - my calcs suggest only 4 more days"
Assuming you are correct, then it would be good if the next round of drilling was announced/contracted to start ASAP.
IMHO it would be poor form to have the rigs leave the site only to have to pay them to come back a month or 2 later (the wet season starts by November).
Last year we had the drilling program signed then announced on 25th of October, to begin in December, but the wet presented plenty of problems getting rigs onsite.
https://www.asx.com.au/asxpdf/20171025/pdf/43njx51x0fnb5v.pdf
We have had no such announcement about a contract for the next phase of drilling, yet in the resource statement in early August was the following (p8)........
"The next phase of drilling planned for the second half of 2018 totals some 70 planned drill holes for approximately 20,000m dependent on pegmatite thickness."
Given that the company had ~$16m at the end of last quarter, and because of expected spend of ~$6m this quarter, would leave only ~$10m by the end of the month, so it may not be possible to sign a contract for 20,000m of drilling, given the spend of over $12m during the current drilling campaign.
With current cash in mind, there are a couple of possibilities....
1. Keep 1 rig on site and have a reduced drilling program (say 5000m?)...........
2. Allow the rigs to leave until more funds are raised.
3. Do a cap raise at current low prices to keep the drills onsite and working.
If the current drill program has finished or is about to, then it is very much one of the above 3 choices very very soon!!
The deafening silence from the company over the last month, with all these current important dates/decisions is IMHO a major reason of the price remaining low.
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