Don't get me wrong, as I have said before, I like this company's...

Don't get me wrong, as I have said before, I like this company's assets and personally like Ken Chapple as an honest geologist however....
Prior to the last raising of $433k at $0.035 (three and a half cents), the Company had $2.177M in cash. Post raising they should have had about $2.5M in cash (after fees etc).

The Company's cash burn for the quarter however was $1.7M including $963k in Administration!!!
For goodness sakes, the Company only spent $796k for the quarter in exploration and that's its job: its an exploration company!!!

IMO, there are too many snouts in the trough and if they don't stop it, they are going to run into more and more problems raising capital at even lower prices.

There seems little doubt in my mind that they will have to come back to the market again soon, the $2.5M will last less than 6 months at the rate they are going, maybe 7 if they do no exploration and only pay the directors' fees!

Love the company but they need decent help and Martin Place Securities are not the ones that are going to deliver it IMO.