X64's subsidiary only has a smallish reserve - no idea how much...

X64's subsidiary only has a smallish reserve - no idea how much is now left. There seemed to be enough ore reserves for the mill until mid to end 2024. However they could run out of ore reserves before the decline is completed (possibly in late 2025 if the poster is correct about its progress) in which case they will run down their cash balance (probably doing that now given no head office oversight) to very low or negligible level before the decline is completed.

I doubt that RV will stand down the locals if there is no production - he relies on their support and the mine has been feeding 4-6,000 locals workers per year.

But we do not know how bad the situation is. I wonder if Ryan Welker sees this as a potential problem. He seems to have little control of the situation and is now using the legal processes to sort out the mess, which could take years, by which time the mine could be closed or have no economic reserves left. Restart of the mine would require a recapitalisation of the company via a CR (unless they can borrow), shareholder dilution or years before debt is repaid.

RV will not be invited back to the company if there is any life left in it should X64 ever regain some control over it.

GLA

loki (X64/MML is one for the memory banks about the dangers of investing in companies with overseas assets)