Waiting for Progress Update Don't own any of this one (yet). Seems to me they have a few hurdles to overcome.
- Run time at Steveville plant. Consulting firm hired to assist with OPEX and such..
- Progress update on Val Marie JV in Sask. Is this happening? Hard to see $25M commitment. They need to drill a few targets first to see what they produce. Staged investment for sure.
- Update on timing of Forty Mile drill. Licenced in May, where is that now?
- Payables were large at Q1, waiting for Q2 update. $6M financing was required to save the story.
- Options and warrants out of the money.
In my view, they are working on a high risk exploration story with vertical drills. They even compare themselves to gas producers who are struggling with nat gas price. Best thing about this is they are pursuing a high value product. They might find O&G on the way down, similar to First Helium at Worsley, AB.
Will re-visit once they address 1-5.