On 31/12/2012 RXM had $46.5 million in the bank. They have been spending $11 million a quarter, so by now they would have less than $35 million. There are 189 mil shares. 35/189 mil = 18.5 cents per share and falling with every new hole drilled. They need to find a partner or stop drilling. More holes now will not add value. They have gone as far as they can the market is not going to give them more capital they have spent $150 mil on this field. I want this to become a successful mine but it has to be done with a bigger player. Management statements about negotiations with interested parties are not going to cut it any more. They should just stop wasting cash and negotiate a deal. If no one is interested and this is not a viable mine then why keep drilling.
RXM Price at posting:
34.5¢ Sentiment: None Disclosure: Held
