RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Could FNI be the next CNC$14.8M cash and equivalents
$1.9M receivable and prepaid expenses
<$4.8M> payable
<$0.9M> share premium liability
=$11.0M working capital
Now consider that:
(1) It's unlikely that the FS has already been paid in full if it's going to be delivered in September.
(2) They still need to pay for a PEA at Texmont.
(3) It's prime drilling season and the company is dead-set on prodigously plugging holes across the entirety of the Canadian Shield.
(4) General opex like payroll is a thing.
And I don't see how they make it to 2024 without funding.
But, like, CNC is finna boutta cash 9 figure government checks, so all is good in the hood. There is a long table with many big players sitting at it. BRB grabbing chairs.
Still waiting on the nickel recovery % from the one and only pilot scale program they've done, but it probably doesn't matter, because Anglo will not doubt apply highly advanced non-specific technology to this project and get those numbers through the roof. When does their bulk sample come through?
Dumont sale any day now.
GLTA
EndZonefor7 wrote: I see $14 million cash and cash equivalents but I'm no accountant.
Incase you're wondering where all the cash goes.
Exploration and evaluation expenditures
Exploration and evaluation expenditures include costs related to exploration at Crawford and its regional properties, feasibility study and permitting. Approximately $11 million was spent in relation to feasibility study work for the six months ended April 30, 2023 and $15 million for the same period in 2022 ($6 million for the second quarter 2023 and $6 million for second quarter 2022). Approximately $12 million was spent on regional and Crawford exploration for the six months ended April 30, 2023 and $8 million for the same period in 2022 ($5 million for the second quarter 2023 and $6 million for second quarter 2022).
Use of proceeds from the financings
On March 3, 2023, the Company received over $46 million in additional financing (as described earlier in Key Developments). The Company spent $14.5 million to repay the Auramet Inc. loan and the remaining available funds are expected to be used as follows:
(i) approximately $8 million is expected to be used to complete the feasibility study incorporating additional value-added initiatives, including carbon sequestration
(ii) approximately $3 million is expected to be used towards planning, permitting and bulk sampling at the Crawford Project
(iii) approximately $9.5 million is expected to be used to satisfy the Company's general corporate and working capital requirements
(iv) approximately $6 million is expected to be used to complete exploration programs to incur Qualifying Expenditures at the Company's regional properties, surrounding the Crawford Project, with a focus on properties with higher nickel grade potential
(v) approximately $5 million is expected to be used to continue various provincial and federal permitting processes and community activities.