35m, 20c Options expire in November next year, potentially bringing in $7m so all we need to do is raise enough to get to the end of next year, assuming the options are in the money.
Office and staff cost around $220k per quarter. Exploration and evaluation $385k of which government will reimburse $150k on completion and JV partner will kick in 25%, so probably around $1.3m remaining at end of March quarter. Theoretically, existing cash could get through to the end of this year and a further $2m get them through to end of 2020 option expiry, so no real pressure.
Results will dictate when and what they do in relation to CR. Good results will warrant a couple decent rising CR's at high prices to fast track the project to commercialisation.
Without looking it up, I also seem to recall reading in one of the previous announcements that resource numbers based on earlier drilling may also be forthcoming in first or second quarter of this year.
GBR Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
