They would be shut now without the CR.
We would certainly be in a situation now where they would have to strengthen the balance sheet via a CR and given the dilution involved at these prices care and maintenance would have to be considered an option and you need a good reserve of cash just for that, shutting up shop has implications with OTA's so it's hard to say how it would play out. This is a JV.
We had $232m at the end of the Sept quarter or approx $32m net of the CR, that may of may not have grown during this quarter , but whatever without the $200m plus $6m from option conversion the situation wouldn't be great right now, the BOD's first order of priority is keeping the balance sheet strong and keeping the company solvent, something would have had to be done with a continuously falling concentrate price and no real guidance on that going forward...borrowing from the facility wouldn't be an option IMO. Exploration drilling would be the first casualty along with any unessessary Capex.
Anyway our cash situation is not an issue at the moment thanks to that CR ...
Cheers Whisky
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