Ann: Investor Presentation, page-18

It demonstrates they're about to pass the hat around again.

I wonder what sort of discount they have to wear - extremely tough conditions to go to market in. An intriguing situation, because they've completed their strategic review and told the market they plan to continue operating through the cycle, so it comes down to how much money they feel they're going to need to get them through what could be a 12-18 month period. The next ask could be a significant amount (if they can get it). The smart thing to do would be to try to get another FTS arrangement done, but technically those funds can only be used for exploration, not existing operations.

The (ironically) good news is that there's just over 1 billion shares currently shorted, so at least there will be strong demand from the short positions to cover into a raise - otherwise I don't think retail has the legs to stump up the money. However, the bad news is twofold:

1. shorts won't be offering to cover into a raise unless there's a significant discount (they really did a number on LTR when they were in a position of weakness too)
2. even if all 1 billion shares agreed to cover into a raise at a 20% discount (i.e. at 2.8c) that's only raising $28M which isn't nearly enough to get SYA through this tough period