Hey Plough, how do you figure SML is cashflow negative? Have you read their summarised position in the annual reports?
A company with a $5.5M book value at the end of 2020 turns a profit of $18.8M in 2021. I'm happy to hold some shares in a 40% share of that action. More than quadrupled their book value in 12 months.
If they can turn a few of their special lumps of carbon in the safe into some special lumps of cash prior to year end (not optimistic, but certainly not ruling it out) there should be a similar result next year.
The $10M loan payment will come off their current assets and non-current liabilities in 2022 assuming it gets through to us before Christmas.
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