Ann: Quarterly Activities Report, page-39

Hmmm, no mention in the Dec'19 quarterly of the following...

• The status of their Stage 2 Expansion DFS?
• The actual tonnage of high-grade stockpiles at 30/12/19?
• The actual balance of the Maca Working Capital Facility?

Production, grades & AISC were reasonable in the Dec'19 quarter. Skinny liquidity ($5.7m cash + bullion) at the end of Dec'19, weather affected production in Jan'20, a leaner production outlook for the Mar'20 quarter (compared to Dec'19) & multi-millions to pay Maca by late Feb'20, they'll probably need funding soon. I wouldn't be surprised if the $40m finance terms involve high interest (lenders love high interest) & also more dilution for shareholders: might be a contributing market expectation why the SP has gone nowhere post Dec'19 quarterly.