-Demonstrated inability to produce
-Demonstrated lack of any progress to report (best attempt is two facts which confirm zero progress)
-Cashflow disastrous, CR imminent
-Demonstrated deterioration of any previous funding/partnership deal if it actually existed.
-They failed to gain a deal in far better conditions and are desperately trying to arrange one in a much worse set of conditions
-Permit may or may not be granted, if it is, it will be harmful to shareholder value in the short term, making it a strange time to want to be a holder.
-Company is an utter train wreck!
I hope this helps! For a detailed account/supporting evidence of any of these points feel free to refer to the detailed analysis already provided.
Ann: Rincon Lithium Project - Progress Update, page-64
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