Canatuan drillingThey have known for 4 years that they needed to find more ore near canatuan. They should have started all the preliminary outreach and permits years ago ( maybe they did but is the process that slow?). They made a joint agreement with a company giving up 30% of their findings last year in order to have access to more properties and their "know how". There have been no reports on progress with this "company".
So far almost nothing of decent grade has been found or reported. Since they don't report everything they know ( see last quarterly report or zinc circuit tribulations) , maybe it is possible they are sitting on results until the time is right or they just haven't been able to find anything. The issue is openess- what information they deem "material".
And even if it isn't "material", why not let investors know what is going on and progress?????????????
That is what investor relations should be releasing; updates.
The issue is that time is running out and their is no money being banked in order to start Balabag. They will be running into more and more zinc and it sells for 1/4 the price of copper. Where is the next shipment going? and when? and at what cost? Has there been a new contract with the refiner?
Where will the money come to finance Balabag? Is it possible LIM is waiting in the wings for a nice juicy loan with lots of warrants attached and another "advisor".
Good luck, you will need it.