littlehuman,
When they had to raise cash to 'keep the lights on" as opposed to drilling campaigns and plant refurbishment it was costing about $300,000 a quarter. This was during the bad days of nickel price, they issued shares to do it. They could do it again if necessary.
They have about $51m in cash and owe BMM about $25 m. So if they wanted to "hunker down" in a depression it would take 6.5 years to go through the cash.
I don't think we are not in a nickel price depression and BMM will want to be repaid in shares (the only way they can acquire much more without a take over.
The picture is not as bad as you paint.
bacci
Lucky the cupboard is full, page-18
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