Nice wrap, page-25

At 375k, they got the development essentially for nothing - absolute steal.

CCU went to the wall because they decided to go with finance instead of capital raisings as the board were really insistent on not diluting holdings - they managed to lock in some great hedges at around $30 so when the price tanked they made profits on their hedges just by buying silver off the market. They had some delays with the process plant - they had to install a log washer and had to bring forward the purchase of the ball mill as the shallower deposits were harder than they expected.

In the end they nearly made it but they owed too much money to the bank and to a significant investor; and nobody else was willing to put their hands in their wallets.

At the current price of silver they would be struggling to make the payments. SXG, not owing any money on the enterprise will probably have better luck. They basically paid nothing for the development so they could even sit on it until the POS is up a few dollars higher.