Ann: NCZ to Reduce Secured Debt by Over 50% Through US$25m Raise, page-22

Continual failure to reach promised production levels after completing Phase2 development
can't be ignored. Long term shareholders know how many times they've read that the quarterly exit rates are x+++ only to find out next quarter there is still underperformace.
Current price of $A1.62/lb is excellent and should produce surpluses to pay off their liabilities of $A350-400mil even though 20% of the tailings resource will have been mined at some stage during the current quarter. They have fixed costs of $20mil/month and any hiccups in production/sales/shipping either from internal or external(cyclones) forces means they have to come running back to shareholders again and again.
Also nothing to stop the Qld Dept of Environment re-assessing the enviro bond each and every year - current bond of $193.7mil compares with current bond for McArthur River zinc mine(just up the road but in NT) of $520mil.
https://www.theguardian.com/austral...tions-at-mcarthur-river-in-northern-territory
I'll be surprised if they get more than $7mil from the non-underwritten Entitlement Issue and shareholders can apply for more than their entitlement and this time I'd be confident they'll accept all over-subs in full, so why would you even buy them on market today for 15.5c?
One thing is probably for sure now with this capital raising, is that Goro is definitely a dead issue for NCZ. I was always hoping for an interesting deal here but all hope is now gone.