NUG is a large holding for me.That said, it could test its 52 week low at CA $.16. It isn't that far off.
I also checked cash, which stood around CA $10mm in September. It is very hard to estimate their cash burn rate, but between March and June it declined about CA $2.2MM to $13.3mm. Then from June to Sept. it declined around $3mm from $13.3 to $10ish. I expect much of that was seasonal drill rig expense, but this year, they are still drilling now. Speaking of now, now we are in the 2nd month past September. Chances are cash is in the upper single digits.
Wouldn't it be great to see blockbuster drill results before they arrange another financing, but blockbuster or not, at some point they need to raise cash.
Among the reasons to do the Maiden Resource Calculation is that it will provide a basis for fundraising. The Maiden Resource? That's another check they will have to write.
Before we hit that 52 week low, I have some buy orders in.
https://nulegacygold.com/s/CorporateStructure.asp