To put the situation in proper perspective this is a company that has previously had a market cap of approx $250+million and yes they have had a very badly handle capital raising . They are in the same boat as atleast 4 other developers in all sectors that had ramp up problems and needed more capital or stronger balance sheet to see them through. They now have $25+million in the bank , They are a further 3 weeks down the track of ramp up production and getting high grade dirt to the plant. They will be declaring commercial production shortly.
They have now had a massive one hole hit that needs further holes to ascertain what they have got.
Any ounces they find this close to the plant will be positive ounces= cash!! The market has rightly punished them for delays in the ramp up and a poor capital raising BUT enough is enough. With the current market cap you can be sure there are plenty of corporates looking and thinking in a couple of months we will have production numbers cost and cash flow to look at and we now have an amazing drill hole that needs follow up and oh yes you get Glenburgh 1moz resources and great exploration for free. Thank you where do i sign up for that. Somebody will make a hero of themselves taking this company out!!
GCY Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
