Yes they now have more cash in the bank, but what are their...

Yes they now have more cash in the bank, but what are their current liabilities? At 30th June it was almost $19 million.
And you can be sure there will be more write downs of Property, Plant and Equipment in the future, they currently have $29.5 million on the balance sheet.

Even a glance at the balance sheet shows equity of $86 million at 30th June 2013, and down to $43 million just twelve months later. What will it be at June 2015? Not to even mention the $414 million of accumulated losses so far.

Local treatment of ore at Dargues was always the best option financially, but it wasn't pursued largely due to community opposition and capital cost I believe. What's changed, and how long would the approval process take? Why wasn't it started18mths ago? Even if it gets approved (in 6, 12 or 18mths) there's still no guarantee of securing project finance. Lack of certain offsite processing has been cited as a reason why the project didn't attract a lender - imho it's more of an excuse. Toll treatment could have been negotiated with another processing plant within trucking distance if that was the only obstacle.

Bendigo has been on the market for a long time, but it really needs to be sold by the time Henty winds down. They might not be selling "at any price" now, but what about this time next year? imho they'd be lucky to exit Bendigo without paying someone to take it.

UML could still become a sustainable, profitable business but they'd need a lot of luck. Exploration results would need to be outstanding, the gold price and AUD would need to move favourably and all approvals and finance would need to be smooth and fast.
Why invest in a business that needs a lot of luck to succeed? The upside doesn't justify the substantial risk imho.