They raised $5M at 16.5c at the end of last quarter and then...

They raised $5M at 16.5c at the end of last quarter and then another $3M in the SPP at the start of this quarter. They ended the quarter with $7M cash.

So if they spend $3M this quarter they should still have roughly $7M cash left I think. Enough for another two quarters which will take them through til Christmas. I expect they are hoping that they can get the EIS and feasibility studies complete in this time and then look to get a major investor on board to fund the mine, and avoid a further raising for working capital, but it will be tight.

And of course if they fail to get an investor then it's going to get painful as they will be raising to stay afloat with the SP well south of 10c IMO. Major dilution. Management must be getting pretty concerned about the poor performance of the silver price.