I am still valuing this as a shell play at the moment, but the one thing which I am concerned about is the cash burn.
The Sept quarterly had an estimated 400k on expenditure for the Dec quarter being 300k exploration and 100k administration costs.
Where the Dec quarter had 333k of exploration costs which is fine but administration and staff costs were $388k + 242k of transaction costs which I assume is for the issue of the listed options for marketing purposes. But more than doubling your total expected expenditure and more than tripling just your administration costs does raise some questions.
Just my 2 cents IMOH. Always DYOR
PM1 Price at posting:
1.9¢ Sentiment: Hold Disclosure: Held
