RE:RE:Cost to complete recommendations in Revised tech report
suregold2 wrote:
That totals $163 million, so going to need to raise significant funds by year end most likely. With share price in toilet we had better hope it improves dramatically soon. I and one other poster here have been down this road before and dilution matters, I can assure you!
Phase 1 drilling has already been completed with more than 200k meters of drilling finished. They even had a cake to celebrate the occasion. So that $86 million has already been paid for.
Phase two with the remaining 200k meters has yet to be paid for. The company is fully funded to cover this cost with New Found Gold recently reporting $87 million in the treasury. But yes they will indeed need to raise more money at some point. Not nearly as bad as you make it appear. They can wait until next year if they so desire. And they don't necessarily have to issue more shares. They can get a credit facility similar to what Marathon Gold did with Sprott Lending. Stay tuned.