Laurion Mineral Exploration Inc. V.LME

Interim Financial Statement - ended June 30, 2023

[mithril56]

Hot off the press. Here are the LME financials for the period ended June 30, 2023

Financial Statements

Management Discussion & Analysis

Key Takeaway: LOTS OF CASH as at June 30, 2023
$7.33 million cash
$1.09 million restricted cash
--
$8.42 million cash 

Happy reading!

[Blacky1]

What's happening on the site these days? Any activity??

[mithril56]

These documents were only released 26 minutes ago. Still reading through them. Short answer: yes, there's activity on the property and I have some theories about why the exploration strategy changed. Also....LME had revenue of $172,093 of (interest) revenue in the past 6 months!!! What other junior exploration companies can claim that?!? 

[Smitty64]

8.42m cash and no drilling for an entire fiscal year....something doesn't add up! Eagerly waiting the technical people to dive in and share thoughts!

[mithril56]

There will be a 5,000 m drill program. They MUST spend another million dollars on exploration activities before the end of the year because of the PP from Sept 2022.  Assuming a cost of $250 / m x 5,000 m = $1,250,000 more of exploration expenditures. They will satisfy the exploration expenditure requirements.

[matlas]

I don't think that you have considered the fact that they incur substantial exploration expenditures from their activities normally ( geologists salaries and benefits, assay costs, outside consultants and likely a whole host of other items) without having to look to doing drilling  Such amounts incurred in last half of year would substantially reduce the amount required from the $1

[mithril56]

You may very well be correct.  Reasons I believe they will start drilling is because: -on cynthia's Linkedin photos, she states that they were "completing the last channel samples for assay on the Jack Trench".   -in MD&A on page 5, it states the final component of their 3 phase 2023 field program is upto 5,000m of drilling in the zones they have recently been