Burn rate
On February 28, they had 4.5MM in cash or equivalent and on June 30 they had just 1.9MM so their burn rate was 2.6MM for 3 months. Assuming the same during the next 3 months, the cash was completely evaporated before the end of August. The sale of gold would have extended their operations for a few months but now the company is cash strap in my opinion. Just have a look at their quaterley reports to verify my numbers. We must add 1.3MM at the end of May from a private placement. They are now under water and are trying to stay afloat and are perhaps searching for some partner. I hope I am wrong for all of us actual and furure shareholders.
SB