FAU Snapshot

FAU
Shares on issue - 260,000,000
Cash on hand - $4.1m
Market Cap - $7m
EV of only $2.9m
Extremely tight register

Anticipated outflows of under $1m for this quarter leaving the company with a healthy $3m cash balance come end of quarter

Director has been buying off market (paying 2.9c per share) and now owns jug below 10% of the company

This is starting to get attention on social media from the right people as well, plus I find it super bullish that the director continues to buy off market well into our current drilling program

FAU is ridiculously cheap at this level with an absolute stack of news flow to follow over the coming 2-3 months and this is why..

A previous drilling campaign at their flagship project Gimlet recovered gold grades of 1m @ up to 1.125kg/per tonne (yes that’s not a typo, that’s correct, check recent drilling report) and up to 4m @ 393g/t from 52m

A follow up RC drilling program started on the 8th of November and was planned to take only a fortnight, meaning it should have been finished 2 days ago, having assays sent off and results expected December

The holes in this current drilling program are being drilled to depth of 150-250m along strike of the previous bonanza grades to target further mineralisation, hence a couple of decent hits like the first round and we are in for a treat

Once this program is completed and assays are received and reviewed, a further 3000m drilling program is also planned to follow up on the upcoming results

They also have pending assays from a recent soil sampling project at there 100% owned Talga project. Once assays are received and reviewed from there recent 800 soil sample, FAU plan on doing a 2000m RC drilling program immediately to follow up historical grades from drilling earlier this year

Disclosure - holding a lot