I think it will come out that the 70m cash has been frittered...

I think it will come out that the 70m cash has been frittered away over the last year on 'exploration, administration and staff entitlements'. We they not progressing business as usual for a while? When the directors started quitting, by guess is that is possibly when the cash had run out.

As for a creative solution... you cant beat the Aussie 'mineral exploration' system which requires thousands lot of losers so there can be a few winners.
In retrospect it appears to me the outcome of this was known almost two years ago given all the shorting and selling prior to it being put into a prolonged suspension the moment the share price started to rise and threaten an alternative outcome.

Shareholders will most probably get nothing, If you are lucky you might get a nominal amount so it looks like the administrators made an effort. If we are very unlucky they will rebirth the company with a new 'asset' and ask us for a couple of million more so they whole process can start over again.

Personally I think Glencore is going to pick up all the assets in the region for a song.

It is hard to believe such a high quality resource with a mining method having little impact on landholders as mandated was deliberately destroyed in an environment where higher quality coals are preferred and even legislated.

No doubt the project is going to end up in private hands for a song at which time all development hurdles will suddenly vanish.

We can kiss our money in this company goodbye; and all shareholders still thinking of investing in the junior Australian mineral exploration sector should probably go down to the bank immediately and ask the bank manager idf they can access the vault so they can kiss any cash they have left in their bank accounts goodbye too.

As for the mineral sector in Australia. I cant believe these geos call themselves professionals given what has been happening in the mineral exploration sector over the last 10 years. Guess it's all just been a last blast before retirement.I have never seen so many billions of dollars burnt for absolutely no result for the country.
Where is the professional rock kickers and looters association? Cant seem to find that in the directory.

Only chance to recoup any loss is to sue the LNP for prejudicial statements wrt to the project that were made as election promises. Who would have thought the only election promise that a politician would deliver on was one that was hugely prejudicial to Bandanna. Face it. It isnt going to happen. They have dragged this out long enough so that the mugs can go through the five stages of grief first.

Denial, anger, bargaining, depression, acceptance.

Unfortunately I have been stuck in phase two for a decade already so I am in arrested development.

If they announce to shareholders they have lost the lot before they are all in the fifth stage of acceptance, and too many suicide, there might be an inquiry, and nobody except the retail investors would want that!