Stumpy they couldnt get debt away before O2 i suspect this position would remain unchanged, they have tapped placement holders already to do so again so quickly after a SPP which is not likely to obtain much shareholder support would be a stretch.
The reality appears O2 isnt as good as expected, O1 and Vali production are not as good as expected - the company needs significant funds to drill and complete O2 possibly O3 to actually be sufficiently cashflow positive going forward let alone pay the short term loan.
Only so much averaging down shareholders can be expected to bear ......
Ann: MEL Investor Presentation June 2024, page-25
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