It’s not really accurate to compare NCZ’s situation to...

It’s not really accurate to compare NCZ’s situation to MMG/Glencore. The likes of MMG & Glencore would likely not be pushed around to delay by smelters given their size + they have their own smelting assets. However if they had to delay due to weather etc (as was the case earlier this year) this is not going to have a significant impact to the respective companies. They didn’t have to tap the market when they weren’t able to ship for a few months - now imagine a similar sales disruption to NCZ.

If NCZ had $100M+ In cash and no debt then they would probably be able to suffer one of those hiccups (assuming impact of <1 month) and still not need to raise new capital. This is not NCZ’s current situation - they have already drawn down $60M debt, deferred their royalties and at this stage they are barely breaking even. If there are any problems that impact cashflow they may have to undertake a large, highly dilutive cap raising to investors - especially given the zinc market is expected to face a large surplus in 2020.