RE:RE:RE:RE:Denial is not a river in Egypt You are correct, 9.5 mil end of jan.
Financial Statements Q1 this year under exploration and evaluation expenses you can see that 900.000 CAD has been spend in Q1 on Douay + Joutel. So lets say 600.000 since 31th of Jan. Some weeks in April, another 100.000. Spend 700.000, so there is 8.800.000 CAD left.
For Eagle, working capital wise (you where correct in your other topic) lets say 9.500.000 assets -/- 2.700.000 current liabilities makes a little under 7.000.000 to spend as of March 31. No drilling there since March, so 4 months general cost spend, lets go in between our estimates of 300 vs 500 -> 400.000 CAD a month. I would say 5.000.000 - 6.000.000 left at this point.
When I look at the financials 2022 + Q1 2023 under exploration this is what our drilling cost:
Eagle 14.720 meters (3 programs totalling 21 holes + 1 wedge) for 5.000.000 cad, makes 340 cad per meter.
Joutel 7.343 meter in 1 program with 3 deep holes and 4 wedges totalling 2.400.000 makes 328 cad per meter.
And Douay 13.592 meter (14 master and 4 wedge) for about 2.000.000 mil makes 147 cad a meter.
Not sure why Douay is off. BUt lets say 300 cad per meter over all 3 projects.
8.800.000 JV budget amounts for 30.000 meters left.
3.000.000 to spend at Eagle is a 10.000 program, after which Agnico will pay 50.000.000 for 50% of the project. :) That we use to swiss chease all 3 projects.
Going forward drilling will be cheaper with wedges. Camps set up. Remember we get 30 cents back on every dollar put in the ground in this region.
Meanwhile Agnico will extend their warrents and excersize later. The eagle 50% wildcard can pop up out of the blue. Although this round of NR was bad managed, I still have faith in Mattew. Remember his financing at 54 cents. Everybody said what is he doing. It was golden.
We hit a lot of smoke in these 5 deep holes. Multiple hits, some very wide, 221 meter and 163 meter halo below porphyry zone, and some decent grade. Vectoring in next program. Fingers crossed.