So it appears their reliance on the MACA WC facility is...

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Dabble010

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06/02/20

09:11

Post #: 42772582
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Originally posted by GravityWaves: ↑

Hi @Teringie, looking forward & quickly glancing into the rear-view mirror of the Sep'19 quarterly & Appendix 5B....

BLK mention that their reliance on the $19m Maca Working Capital Facility would reduce during the remainder of CY19.
The balance of the Working Capital Facility was $18.4m at 30/09/19.
The balance of the Working Capital Facility needs to be less than $12m by 21/12/19 (for BLK to avoid paying a $750k penalty fee).
The Working Capital Facility is fully payable by 29/02/20.

IMO, things might be looking up if they achieve all the following milestones within the next (5) months...

BLK's liquidity is adequately fat enough to accomplish all the above related to the Working Capital Facility.
They continue to reduce the balance of their Maca Loan (fully payable by 31/05/20).
They have enough funds to spend something on their new tailings storage facility (which they deferred in the Sep'19 quarter due to inadequate funds).
They announce funding for Stage (1).
They announce the completed Stage (1) & (2) Expansion DFS.
They avoid having to do another bailout CR to raise funds for working capital & debt payments.

Cheers

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So it appears their reliance on the MACA WC facility is decreasing and payments are ahead of schedule.
I believe the facilty must be under $12m (by 21/12/19) as they have announced, also avoiding the $750k late payment fee.

Enough money has come through to have the tailings facilty construction well advanced and due for completion by end of Mar'20 qtr.
So just to confirm and funds look to have been adequate.

Also MACA loan continues to be paid and has decreased.
BLK Price at posting: 1.1¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

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