Title : Auryn Resources (AUG.v): A cash thing
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Auryn Resources (AUG.v): A cash thing
The 3q17 financials out of Auryn Resources (AUG.v) last night made for interesting reading, with the statement of cash flows really catching the eye of your humble scribe:
Back in January 2017, AUG raised a cool C$41.172m gross proceeds (C$38.911m net...gotta pay the middleman) at C$3.67 for the normal shares and C$5.01 for the flow thru shares (Kinross, hold that bag) and as that highlighted item shows, C$24.714m has been spent on exploration and evaluation already, so where has the money gone?
A bit of extra digging shows that in January AUG had the intention of spending C$15.5m on its flagship Committee Bay project in Canada, as well as C$7.5m at its Homestake project and then other stuff. Up to date they've kept the Homestake project under budget ($5.638m), but the C$22.53m dumped into Committee Bay is an eye-watering overspend. The company's cash pile is now down to C$15.357m and with C$9.3m of that already committed in Q4, the conclusion is obvious even before the drills start turning on the Peru gig.
Hey Kinross! If you liked buying into this at $3.67, you're gonna love the chance to repeat at $2.00, right? Right?
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