Northern Graphite Corp V.NGC

RE:Gov't funding "yet to be successful" - CEO

[1student]

When you read the information following, do keep in mind that there was no mining taking place during the reported Q1 period, as stated by company representatives.
Also be sure to note the company minions burned through $2.4 Million of the previously existing, as at December 31, 2023, $3.1 Million cash on hand during Q1, with a mere $700,000.00 cash remaining, as at March 31, 2024; and all said cash burn during Q1/2024 without any mining at LDI having taken place during Q1.
Only 1.7 Million of the $3.1 Million in cash remaining from the previous quarter was utilized for operating activities. Where did the remaining cash from that previously existing $3.1 Million of cash, at December 31, 2023, actually go?
$500,000.00 for care and maintanence at Okorusu/Okanjande is ludicrous; there is nothing going on there. Where did that half a Million Dollars really go people?
$600,000.00 for care and maintanence at LDI is unreasonable as well.
What the heck? Did it cost 600,000.00 for that tour of the mine site during Q1?

Ultimately, you need to understand that mining more equates to NGC officers and directors generating more losses than the previous quarter, a Q1 during which no mining at LDI took place GripnRip.

• A net loss of $8.8 million ($0.07 per share) which included significant non-cash charges relating to depletion and depreciation, share-based compensation, capitalized finance expenses, impairment expenses and drawdown of inventories. Cash used in operating activities was $1.7 million;