Amex Exploration (AMX.V) is still in a very comfortable position after having raised money in a flow-through financing earlier this year. Although the company is spending quite a bit of cash to keep the drill rigs working, the recently filed financial results confirm Amex is still in a very comfortable position. As of the end of June, Amex had a positive working capital of in excess of C$30M, including C$41M+ in cash.
Considering the company has spent almost C$9M on exploration in the second quarter and about C$16.7M in the entire first semester, that’s not a bad position to be in. Amex is now just a few months away from publishing a maiden resource on the Perron project and as discussed in a report, we anticipate this maiden resource to contain several millions of ounces on a gold-equivalent basis.
Disclosure: The author has a long position in Amex Exploration. Amex is a sponsor of the website. Please read our disclaimer.
