Further re dilution
As per Ridgeback's post of TD's comments, this gives the company cash of Cdn$96.5 million.
However, that doesn't take into account pending proceeds of about $20.5 million from the exercise of the $1.90 warrants on May 26. Actually, there's 17.9 million warrants outstanding but I don't have the info on the exercise price of all of them.
So, true cash balance as of about month-end will be about $117 million. Let's say the company needs $7 million walking-around money for salaries, utilities, listing fees, etc. And assume they spend something like $10 - $15 million on drilling the next 15 months. That leaves about $85 million cash mid-2022.
Capex is last reported at C$305 million. Assuming 1/3 cash and 2/3 debt, MOZ only needs to raise peanuts in further equity. Depending on the terms of the missing 7 million warrants, very close to zilch further cash required.
The only "downside" to this pretty picture is that it probably means MOZ will take this to production itself. One shouldn't expect the company to put itself up for auction.