Ann: Abra initial production guidance, page-72

Nah sold everything at 14.5c, very disappointed to be honest especially as the sp was showing life at 17c the day before ! It's not so much the downgrade in guidance but more the tightening of cash as they approach startup (combined with the increased throughput requirement). That said I think they should have about $25m in liquidity if you count the IXM line of credit at the time of first production. I just don't feel comfortable anymore, if they announce a TH and a cap raise to see them through the first 6 months of 2023 the sp will probably cop it again. That said if they get the plant rolling and start producing concentrate straight up they should be fine if not home and hosed. I guess it was the downgrade in guidance / requirement for more throughput at lower grade coupled with the tightening budget that did it for me. So if your position is not too large and are happy with the risk I'd still hold. But don't expect much strength in the SP unless they can come in ahead of time and / or start to produce reasonable concentrate. I think TOHO is there in the wings so no issue with getting extra funds if required imo.