So the company's cash position at the end of last quarter was $1.84M. With the additional research and development rebate loan of $1.42M, there is currently total cash of $3.26M. Total estimated cash outflows for this quarter is $2.12M, so we expect there will be around $1.14M at the end of this quarter. It is, however, important to note that the very high cash burn we've been experiencing over the last few quarters was mainly attributed to the DFS-related activities. Now that the DFS is completed, we expect the cash burn in the future quarters will be much lower. Therefore, I'm inclined to think that even in the worst case the $1.14M will be more than enough to see through at least one quarter. Hence, in summary I think TMT should have more than enough cash at least until the end of this year.
Having said that, it doesn't mean that there is totally zero possibility of CR this year. IMO if there were to be any CR this year, it would be at a price much higher than now, or for a strategic reason that can return significantly more value than the amount raised, rather than a desperate CR for survival. Remember that this management once cancelled a CR because they thought they could do better at a later time (which they later did manage to raise with a better price - hence, I have full confidence that management will endeavour to act in shareholders' best interest.
Aside from the above, there are a few "potential" major events in the near future, namely:
2) I understand Largo Resources will have to make a decision regarding the continuation of their offtake with Glencore by November this year. Based on the fact that Largo recently set-up an in-house sales team, it seems likely that they will discontinue their offtake with Glencore. It could be very significant as Glencore will be looking for a new partner. @Scarpa suggested in a post a little while ago (https://hotcopper.com.au/posts/37936904/single) that Glencore would be determined to maintain control of the Vanadium market. TMT as the most advanced high-grade, low-cost Vanadium contender will be a prime target for Glencore (whether it's a takeover, JV, etc). This is obviously purely speculation on my part so please take it with a grain of salt.
Below are some key extracts from the last quarterly regarding the cash situation:
