Some of the people with a shorter term view understood this to be almost a turnkey project with $20 Million in the kitty. Reading the recent project update tells us there's still a lot of work to do. From the acquisition of the property to the startup could be as long as 2 1/2 years, ('second half of 2025') there have been 5 money raises over the last year or so totalling over $100 Million, and the share count has gone from about 60M, then 160M after the deal closed, to maybe 350M fully diluted with warrants at a dollar or less. It may be that they don't have to raise any more money over the next year and a half; we'll see.
There were 7M shorts in the last month, those have been largely covered by 5/31.
For the larger investors with a longer view the situation is probably within expectations."
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Wow - now we are at about 306 Million shares, 467 Million shares fully diluted including warrants a dollar or under, and about $CDN48 Milllion in new debt at just under 13% (SOFR + 8). (SOFR is the new LIBOR).
Someone in Red Lake I know who used to work in another local mine for years but was laid off was hired recently and is receiving training in anticipation for the startup, so that's encouraging ...