Ann: Ardmore Operations Update, page-14

it’s not the 20% discount that’s the issue it’s their actual cost of production that the problem.

now they are in a catch 22 as they need to increase production to bring down their aisc however they are pretty much maxed on debt for the current operation and like you point out financiers are hesitant to invest in a high quartile concentrate producer who so far haven’t been able to effectively scale up current production.

further evidence by the company taking on a new grinder for $4.4m totally financed.