Ann: December 2024 Quarter Activities and Cash Flow Reports, page-10

and paying an interest rate of 26% on $12.5m of that total and which, along with the Trans Asia's $19.1m facility, expires in <4 months !
That the coy has been working this long with Burn Voir to source a lender to refinance a facility originally scheduled to expire 4 months ago and here they are with real progress to report as of mid Q1 2025

The field of potential lenders with the firepower to provide $40m to a situation this 'special' must be very small. It would be one thing if the company had a running plant that yielded operating cashflow but the lending risk against this asset and and this management team is extreme in the absence of any track record of sustained profitable production. They need a lender that has a view that the plant is worth well north of that and take full security over it in the hope that when the coy defaults that another Cobar player can use the mill, either relocating it to their project, or have a project/asset within viable trucking distance.

its a hell of a mess.

It needs:

- a 1:1 rights issue, underwritten by a broker and subbed by Res Cap and the NZ project vendors, to wipe out this debt
- or a sale of a piece of the NZ asset to an industry player, but pre final approvals thats certainly fraught with risk given NZ history
- or a sale of the silver to a streaming company