Approvals, page-14

The claim that financiers have walked away due to recessionary fears is false.

The claim that capital markets have completely dried up is false.

The claim that this company is cooked/cactus/whatever is false.

The only thing that has changed is how long the process has taken. Welcome to the world of mining - where delays are par for the course.

From yesterday's presentation.

Finance process well advanced with various parties.
DD by parties is well advanced.
Document generation has commenced.
Various parties have engaged with different packages.

Pretty emphatic, but nothing is set in stone until binding legal contracts have been signed.

So, the debt financing has dragged on longer than expected in tough market conditions. And the market has slaughtered them in the process for it.

Regardless, I remain confident that they will secure the debt financing. I have no idea when that will be, however, they would be under pressure to get it finalised soon, as their current cash burn is significant - even with the recent furloughing of employees.

As I said the other day, nothing for mine has changed. I'm backing the team in to secure the debt funding. It would be fair to assume that the terms have prolly changed compared with earlier in the year. As long as there is enough cream still there for equity holders, then I am fine with that.

The opportunity cost of time is real, so to those who have sold out for whatever reason, I wish you well.

Serious multibaggers (in my experience), especially at the spec development end of the market, take time. They aren't fleeting one-nighters/2-3 month dalliances, but 3-5 year slow seductions. If you can do it faster, well done.

For development plays, we all know that finance is the critical component. There is an art to selecting those few companies who will successfully secure finance & transition to operating entities. Most won’t make it. A few will. And it is much harder than most punters realise & invariably takes longer than management/shareholders would like.

But - delays shouldn't be interpreted as meaning that nothing is happening behind the scenes and that the stock is now in zombie mode until macro improves. It reads like a plausible narrative, but usually isn't the case. Finance processes are complex - with a lot of moving parts.