Ann: Quarterly Cashflow Report, page-30

It is clear to me that the share price is constrained by continuing questions over its solvency. If First Samuel ever turn off the funding tap, which provides a constant drip feed of dilution, then this company is a goner. Their only alternative would be a hugely dilutive rights issue. FS powder must be surely close to its limits after this latest $1m. This round of funding is itself another example of the manamgemet underestimating the business' cash requirements.
The financial risk, aside from the geological and technical risks that typically exits in these kinds of companies is compounded by continual need for cash and this asset's woeful and long history of failing to deliver silver from the ponds in line with management expectations. The operation has for one reason or another never delivered to expectations EVER - for the its 3 owners
Huge risks remain here, plus Jason Elks has no actual mining experience and no expertise relevant to heap leaches - which are not the easiest operations to get running smoothly.
Plus the vaunted monetisation of coal portfolio via some sort of transaction has been the biggest damp squib ever.
Plus ATO issue is a constant overhang
The head office horsepower in this company is not up to the job in my view