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There's no denying there are a lot of potential revenues that could come in.......I have been an advocate of leasing/contracting the second rig since CB first "bought it".
I have no dispute that "non core assests" could be disposed of. Granted most likely at a heavy loss.
They could very well get the government exploration refund - which no one seems to talk about anymore.
The question is not one if the POTENTIAL incomes......its how long can the burn cash and not dilute. We will find out soon enough, but Legal hit the nail on the head with the big seller, forward selling comment imo
I'm making the suggestion based on averages. Moving drilling rigs around the same state, with easier access to pads, will have an lower cost than moving around out of state on ground not easily accessible to start with. Plus we have an additional crew to now pay for and the running costs of that drill.
I'd suggest the £900K was the figure needed for the operations that were planned. That's why they raised it
It's fair to say that £320k we recieved last week has already started to be eating into, or are the companies expenses now at a standstill with zero cashburn for the next 2 or 3 months? Since these are funded. Or is it the case they have stretched themselves thin and have zero contingency?
£300k doesn't go far - especially now with additional salaries and expenses the 1 off £300K for a drill rig. I'd not be so quick to write off £50k per month
You obviously didn't read:
"£350k from property. let's say £1.2M."
£900k cash in financial incliding the playing prior to end of year. So we have £900k from placing and £350k from sale as I said call it £1.2M
£1.5M cash burn last year, let's forget increased salaries and inflationary costs, or even that 2nd drill. we keep it £1.5M = £125k per month burn rate.
So £1.2M total income, and burning at 125k = 9.6 months running. Let's call it 10 to be more forgiving = 2 months runway at 125k per month
Would you like to tell me mathematically why they have more than that?
The calculations put forward suggest a cash position of around £200k to £300k
That isn't very much headroom, and was a similar amount calculated the last raise when your opinion was the same then - I seem to remember you were shocked how I calculated it then too.
As I said is it not a conspiracy, they need to be planning funds months before the zero cash mark......not leave it to the last day to do it
All he states is funded for planned works.......Hurricane purchase isn't included in that, how can it be? We don't know what's there til the truth detector hits it. Unless he plans to buy already regardless of works.
There was £900k in the account at end of year, 8 months ago. Arguably the placing.
£350k from property. let's say £1.2M.
Last year's burn, was what, circa £1.5M with 1 rig turning......burn hasn't went, down its went up.
No?
I've heard fully funded countless times in ECR.....had the same chat the last time I said a rise was coming and boom the next week we got it fired up our backsides.
ECR do not have the money to buy Hurricane. Maybe drill it, but not buy it....the company would be stupid not to be preparing fundraise with less than 6 months runway til zero cash.
Look at the financials, I welcome a different interpretation of the numbers to counter my opinion
Burning at £1M+ a year with 1 drill rig......then add a second. any other disposal will be to pay for Hurricane surely.....if not it has to be a raise
It's not a conspiracy.....the figures are in the financials I didn't make them up TS
With regards to kuboid Hill and Green lode there is a hint of something.....but I'd not be too excited by rock chips when with the exception of 2 x 6.5g/t the rest appears to be - de nada.
Mills Reef looks like dog turd with the max pulling out 0.65g/t equivalent
http://www.endmemo.com/sconvert/ppbg_ton.php
So what pays for Hurricane then TS?
Lets play your scenario out in real terms
I've sat back and watched this board daily and one thing is consistent.......alot of blast and bluster from both sides, but the "derampers" asking questions "rampers" can't answer
If the share price doesn't go north before the next cash raise then I fully expect to see a consolidation.
This stock will dilute shareholders massively.
We need something because just now it appears to be a death spiral of cash calls and those options appear to be lipstick on a pig. Maybe hoodwink some into thinking that's where the SP is going.
That was probably possible half the shares in issue, but ECR has never been valued more than £35M so something needs to happen so get this back, even to my exit point of 1.7p
I'm in a place where I don't want to be but fear I might have to double down to actually get out of this. Or just trade on the next bounce
Not being funny, but no matter what side of the fence you sit on ECR financial position is a major cause for concern with how thinly we are spread on the ground.
Our annual burn rate is more than £1.5M and we will be needing funds soon.
If the SP doesn't go north before the raise it will most likely require consolidation to continue.
I hope we can get that 2nd Drill contracted out pronto
Since they didn't feel it pertinent to share it in the text:
https://www.ecrminerals.com/investors-media/reports-accounts/download-file?path=ECR%2BMinerals_ANNUAL_REP_2022%2Bsigned%2BFINAL.pdf
We are really at a stage now we just have to sit back and watch what materialises as far as commercial finds.
I too agree Dan that we are spread too thin, and I look forward to one of our two rigs generates revenues. We can at least then take advantage of those tax losses here.
I think a few of us pointed to this several month ago, I'm glad AH is on the same page........for me its the greatest development he has brought forward