$1.4m left in treasury, a cash burn of almost $900,000 previous...

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Mossberg

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17/07/18

09:15

Post #: 34383411
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Originally posted by stevenjd ↑

good quarter for us.
looking forward to more, definitely looks like they are working to ad value.
At 6m mc, imo, upside obvious on resource growth.

"Highlights
 Completed acquisition of the Hillalong East Project from Rio Tinto, located adjacent to the Company’s Mt Hillalong Project
 Entered into a binding agreement for the divestment of Comet Ridge Project including Royalty Agreement
 23% increase in Cooroorah Resource estimate
 Exceptional coal quality results from Cooroorah
 Hillalong Exploration Target for both Open pit and Underground areas
 Exploration and development programs remain focused on the Cooroorah and Hillalong Projects (following recent Hillalong East acquisition)"

.....The Company has instructed John T. Boyd to prioritise the Mammoth seam in the ongoing Cooroorah Scoping Study and to incorporate the washability and coal quality outcomes in the option analysis. The outcome of the study is now expected in late July 2018"

..........Key activities for the next quarter
The Company engaged John T Boyd Mining Consultants to update the Cooroorah Scoping Study with the latest coal quality results. The outcome of the study is expected in late July 2018. Planning for the Cooroorah follow-up exploration is underway through Xenith Consulting, and land owner engagement and cultural heritage clearance for the envisaged drill sites are in progress. The Company is working with its consultants to analyse the most cost-efficient way to advance the Hillalong exploration program, which will soon commence with site approvals for the drilling program and land owner engagement. Corporate discussions are ongoing"

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$1.4m left in treasury, a cash burn of almost $900,000 previous quarter, almost $500,000 spend for the current quarter

Company needs to tap a revenue stream prior to eoy imo, either a cr or jv involving a 3rd party buy in (hopefully the latter)

BCB Price at posting: 1.7¢ Sentiment: Sell Disclosure: Not Held
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$1.4m left in treasury, a cash burn of almost $900,000 previous...

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