"What other choice this mgt have..."(?)It's not like this Board...

"What other choice this mgt have..."(?)

It's not like this Board doesn't (or didn't) have some choices available. They could always follow a similar script to the cash preservation decisions made by the previous LT Board during the previous Ni winter of 2015-16-17, which in no small way helped keep the company alive during that downturn. Not only did that Board manage to materially conserve cash (they still needed to raise, though, via The Laundromat), they also managed to add LJ and BS to the portfolio as counter-cyclical purchases, instead of offering them for sale during the downturn.

Some actual historical comparisons, just to highlight some of the differences:

• Directors paid in shares, not cash. Not just during the last Ni winter, but across many years.
• Modest HQ lease costs in dinky offices in Subiaco vs. current trendy 'start-up' styled digs in West Perth.
• FT CEO role scaled back to 40% FTE and covered by the then Chair AND paid in shares.
• Little to no exploration spend.
• No conferences.

Is it all too late? Probably, sans an asset sale that kicks the can down the road a bit longer for the benefit of the Board and staff. Given what happened with MIN at LJ and the broader Ni & Li macro landscape, there's unlikely to be much in the way of palatable options for equity holders -- hence the current marked-to-market SP/MC.