I agree that realisation of value of Mt Fisher-Mt Eureka could be significantly more in different circumstances (ie spending future operating cash flows on drilling it) however, RXL will not need funds when it is earning $200m in free cash per annum. It needs cash right now and one of the key metrics in valuation of a company is EPS. If RXL could get enough cash in the kitty to get it to a DFS, without issuing more shares, the next Capital Raise could easily be north of $0.40 and the long term value of RXL will not be impacted by very cheap CRs on the way to a DFS.
The Cannon Resources IPO was the jewel in Alex Passmore’s crown. It was a huge success. However, those nickel assets were highly developed and had quite a bit of money spent on them before the IPO whereas Mt Fisher- Mt Eureka needs additional work to get anywhere near that level of development.
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Open | High | Low | Value | Volume |
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Buyers (Bids)
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10 | 289156 | 17.0¢ |
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4 | 276060 | 0.165 |
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3 | 139354 | 0.155 |
2 | 106673 | 0.150 |
Price($) | Vol. | No. |
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0.180 | 151267 | 5 |
0.185 | 99850 | 3 |
0.190 | 55000 | 2 |
0.195 | 20000 | 1 |
0.225 | 20000 | 1 |
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