G’day Phoenix
Given that the spending of last quarter (1.3mil) was nearly double than what was estimated (682k), I think punters are right to be wary of the cash burn.
We had $1.97mil left at the end of last qtr, with estimated outflows for the current qtr being 498k. If we can keep to this budget, then we will be looking at the last qtr with some $1.5mil in the bank. If the cash burn rate is like it was the previous qtr, then we might be looking at a cash balance for the last qtr of what? $800k-$1mil?
As per JBs interview with proactive investors:
http://www.*.com.au/companies/amp/media_files/10175?__twitter_impression=true
And as per JBs twitter:
We will have $1.15mil coming into the coffers from sale of gold assets, and investments in MQR (currently worth roughly 490k) that 4ce will utilise if needed.
Management are of the believe that we have the funding to complete our exploration activities for rest of calendar year. Remains to be seen...
I think punters are right to be wary of a CR. There’s no doubt one will be coming soon enough...the question is when?
For me, I’m hoping to at least get our teeth well and truely sunk into the 16,000m of drilling at Kitotolo, and have visuals of spod and nice intersections reported to market, before any CR occurs
IMO
GLTAH
