The following is from Morningstar from my trading platform. Some of the highlighted areas are good and some not so good.
1. Cash of $4.8 seems good but from what I read, they received payments of $13.65m To Dec 16. Therefore, I would say this company has a high cash burn. What on? If it’s exploration, how about some results?
2. There seems to be an unexplained delay in verifying statements in the LNS as advised on 10 and 31Oct 17. Why does the BOD need to review. Wouldn’t that just be management review?
3. Drilling at Glecore commenced around 9Oct with advice results would be in 3-4 weeks from that date. Where are the results?
4.Where is the resource estimate for Cannon they have supposedly been working on?
I might be out of line here and be treading on some SAU lovers toes, but I think the company owes shareholders some information that may be material and much needed to assess risk. The longer the delay to update the market the more this company does not pass my smell test.
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