Yes, I also agree the final debt payment may need to be postponed.
At AISC of US$900/oz. and about 15koz produced, costs will be only US$13.5M for the quarter which I think is a little low at a high level considering additional tonnes required to be mined and produced from lower grade ore.
It's very encouraging to see that Ruffer have supported the CR. Perhaps a big coup would be for Investec to be offered their options at 10.5 cents and ask them to take them up early to offset the final debt payment!?
Failing that we will need to find extra funds from the SPP or rely on higher margins from an increasing POG or early completion of the cutback/ early mining elsewhere. Both of these options are difficult given the initial potentially high stripping ratios (without knowing the detail).
Ruffer increasing their holding means they believe TRY will make it through this tough patch and that their is a decent extension to the LOM on the horizon. Great news.
I re-read the PFS over the weekend. TRY stated they expected to spend US$8M on exploration each year. Can you imagine where we would have been if that had gone according to plan!
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