Will have to re-read Quartely Report but at a glance very slim on definitive projects that will generate income, flimsy promises, and as I have mentioned in previous posts they are going to run out of money this quarter ( they have $5 million in the Bank but are projecting expenditure of $8million ++ for the quarter.)
I do recall that the last capital raising of approx. $18million that was undertaken early last year has been burnt to a cinder. The Board's stated intent for the CR was to pay for the Northam project but yet they have since gone into a $7.5million borrowing to pay for it ?? Double dipping ?? Not good at budgeting and/or funds management.
At this rate of cash burn they will have to invest into a money printing machine.!!
Very poor record at obtaining work contracts that are profitable and spending SH's and Government funds.
Time for Mr MO and Management to propose pay cuts.
CCE Price at posting:
3.8¢ Sentiment: Hold Disclosure: Held
