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BonTerra Resources Inc V.BTR

Alternate Symbol(s):  BONXF

Bonterra Resources Inc. is a Canada-based gold exploration company with a portfolio of advanced exploration assets anchored by a central milling facility in Quebec, Canada. The Company is engaged in the business of acquiring, exploring, and evaluating natural resource properties in the province of Quebec. The Company’s assets include Gladiator, Barry, Moroy, and Bachelor. The Company holds a 100% interest in 436 mineral claims covering 22,779.32 hectares surrounding the town of Desmaraisville. The Bachelor Mine is located on one mining concession, and one mining lease, four kilometers (km) south of Highway 113 and 90 km northeast of the city of Lebel-sur-Quevillon. The Company holds a 100% interest in 21 mineral claims in the city of Val-d’Or in Quebec covering 457.53 hectares. The Company holds a 90% interest in two mining leases north of the town of Skead within the city of Greater Sudbury in Ontario. The two mining leases cover an area of approximately 129.99 hectares.


TSXV:BTR - Post by User

Post by fruitvale3067on Aug 29, 2022 7:56pm
135 Views
Post# 34928316

2nd Quarter Financials Out!!!

2nd Quarter Financials Out!!!Lets see!!!!!!!

Loss of $4.3 million. Cash $12 million down from 19 Million at end of Q1 so they burned thru $7 million. Shareholder equity deficit -$259 million. Mill and mine care and maintenance $1.8 million, Outstanding shares up 6 million for the quarter to 126 million. Working capital of $5 million, down from 9 million at the end of Q1, so they went thru 4 million for the quarter that didn't include any drilling. 

At the current burn rate. With 12 million in cash and 5 million working capital that means they have about 7 million left for exploration. So they will need a flow through financing for more exploration drilling and a financing for normal operatons which includes $25-50 million for getting the mill up and running, haul road repairs, etc.

If they do a flow through financing f(exploration drilling only) for say another $15-20 million. Then they will need an additional 25-50 million to get the mill up and running plus Barry open pit. That means anywhere from $40-65 million for everything. At todays share price that comes to somewhere between 65 and 106 million shares to be issued to get Barry open pit running at 30,000 ounces/year. 
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