dead money until 2024 or 2025?I used to own HIGH but didn't believe enough to stay in when the price wasn't holding.
There's a few things that bother and/or worry me.
HIGH did not publish a map showing drill pads or drill plans for the 2023 season. It says it is drilling 8000 meter, including Johnson Tract, Ellis, and several undrilled geophysically-identified targets.
No map, no section = nothing to excite me. I'm a geologist, I wanna see it.
The 2023 season drill results released so far don't motivate me to re-open a position, even at the lower current SP. Good they're working on infrastructure and de-risking, but those activities don't boost share prices.
June 30 cash position was ~$13M according to financial reports, and I don't think HIGH published a budget for the 8000 m drill campaign, nor for the 2023 infrastructure and derisking work.
I don't know how fast HIGH is burning through its cash. Running down the treasury in this market is a death kiss, even for a company that really has something, like HIGH does.
Maybe the share price has bottomed - at least for fall 2023.
Maybe they will nail a couple of monster returns from one drill pad in this drill season.... so that we can imagine that either JT or Ellis will really expand. Or maybe they'll hit big one of those 'blind drill' geophysical targets.
It's a crappy market out there. Horrible to think that HIGH's SP might be significantly cheaper in fall 2024 than fall 2023, and even if they hit a really good hole or two this season.
I've just bought back into Scottie Resources, and recently into Nevada King, and remain a fan of Lion One.
GTLA!