Fireweed v. Cantex Fireweed published their NI 43-101 Resource Estimates in Feb 2018 for MacMillan Pass, a substantial increase over the previous Mineral Resource Estimates in June, 2017. They also published a Preliminary Economic Assessment (Pea). They are continuing to drill with new updates of 43-101.
Both Lundin and Teck are major shareholders. The Harvard-trained founder Brando Macdonald was recently pushed out by Adam Lundin. Their stock price had dropped from $2.00 and the access road application was withdrawn in 2022 pending new road legislation by the Yukon Govt. They raised another round of $40 million financing from Lundin at $1.10 today. They are flushed.
In comparison, Cantex under Chuck is still drilling away since 2016. No resource report and tote road. Management should be fired for incompetency. The stock has collapsed from $7.00. Huge dilution to raise $1.1 million at an all-time low of 12 cents. Crescat, the strategic investor, just threw in minuscule $100k only.
A tale of two companies indeed.