Ann: Kitotolo-Katamba Lithium Project Update, page-18

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hitang

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29/11/18

12:10

Post #: 36686115
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Originally posted by Big Kahuna 101: ↑

Below is a rough time frame, apart from taking a ridiculous amount of time the communication by the company has been atrocious during this period as well.

March
27 March 2018 - First Drilling Contract signed and Rigs to be Mobilized 'immediately'
April
3 April 2018 - Kitotolo Drilling Contract signed - Drilling Anticipated to be completed by 'second half of September 2018 Quarter'
May
23 May 2018 - Drill Rigs still not Mobilized...
June
Nothing....
July
4 July 2018 - Drilling commenced with drilling expected to complete late-July/early August for Kanuka
August
21 August 2018 - Half of Drilling completed - Drilling expected to complete in 3 weeks (12 Sept?) - Samples from 21 Drill holes dispatched and first Assays expected in 3-4 Weeks (19 Sept?)
September
Nothing....
October
17 October 2018 - Drilling Completed, still no results, no new time frame given
November
???

Cash has dropped from $3.5 mil to under $1 mil... we dont have any results to show for it and the drilling program first announced to be completed in the second half of the Sept Quarter 2018 is now not looking to be completed until June 2019 (at the earliest)... and they still have the nerve to call it a rapid or accelerated program,

Expand

Cash at end of the last quarter ended sept 18 is 1.181m, estimated outflow for next quarter ending Dec 18 is 0.59m.

Effectively, starting from Jan 2019, we are left with 591k. Look like we need more money soon to go on.

If drilling drag to Jun 2019 to be completed, we would have run out of money....

Correct me if i am wrong.

4CE Price at posting: 2.1¢ Sentiment: None Disclosure: Held
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Ann: Kitotolo-Katamba Lithium Project Update, page-18

Top Stories

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Dale Gillham's weekly wrap: Sigma-Chemist Warehouse merger creates pharma powerhouse

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MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

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