I have come across this on my search for cashed up shells but...

I have come across this on my search for cashed up shells but have noticed the debt and the predicted outflows look unreal!

This company doesn't make any sense to me.

$2m in cash at end of 2017
$3m in debt at end of 2017
$5m cash outflows this quarter

They must have used up the facility by today to fulfil that spend.

Are they possibly trading insolvent?

Isn't the best move to close operations, have only minor admin salaries and then look for a Cobalt exploration acquisition?

Sorry if I have missed anything but I don't understand why a company is being run this way at this stage?