Obviously a very disappointing outcome, not the most surprising...

Obviously a very disappointing outcome, not the most surprising given the recent events.

This was a very aggressive plan which I liked, unfortunately there were significant enough delays in getting to production and issues once there. Things clearly did not go to plan and there wasn't much room for error. I'm not sure how much can be put on management, but in my view they clearly made it appear that things were going much better than they were for a significant period of time in the lead up to construction/commissioning/producing, especially during Q3/4 last year when there were obviously delays and difficulties.

I'm still trying to get my head around why they were doing so many things that made it appear that all was going to get there (extra prospective land, aerial surveys, drilling etc). Only legit reason I can think of was to get the price higher so they could raise, or perhaps to allow some holders to leave if this was inevitable.
Were they overconfident, incompetent, or both? Or did this just not work out?


Perhaps raising more money 12 months ago would've given this a larger buffer and a greater chance at success, perhaps it wouldn't have mattered. One trend I've seen among specs is those that raised aggressively 12-18 months ago when the market was willing to give them money are much better off today compared to peers who have been forced to raise on worse terms at lower prices, as happened here (on top of the issues the company was already experiencing at the time).


Makes you wonder what was actually going on, especially in the last few months with the raise that was supposed to see the company through to positive cash flow. Were they hoping for a miracle or did they genuinely think that they could turn it around?
I don't think the zinc price rise/fall would've had a massive impact as they were partly (perhaps mostly hedged) through Noble anyway from memory. The price rise was more to do with smelter capacity rather than concentrate/ore available to be turned into zinc product. The high grades produced here should've found there way into the market easily. Maybe what was actually being produced wasn't.


Perhaps something can be salvaged, but I wouldn't be getting your hopes up. Very disappointing as some of the land looked like it could transform this company into something very significant. So many questions, the answers don't really matter now though.