It looks as if losses at GAA Wireline Australia in the firt half year have hit UXA's cash quite hard. As the company was bought to fund exploration this is a set back.
Cash raising last year to purchase what is now GAA Wireline USA looks a good investment. However, the total cost of the Australian side at $5.8 million (including shares and stamp duty) looks now to be a questionably high cost.
Why UXA had to go ahead with cash raising before the full drilling results at Dome 5 are known is of concern.
UXA Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
