Ann: Covenant Waiver on ICO Senior Secured Bonds, page-4

Don't know how selling an asset at this stage is going to help to be honest.
You would think that the only asset with some real value is their interest in the Kokkola refinery. This 'interest' should be properly defined so investors understand or remember what it is exactly - it is a capacity sharing agreement and right to toll/refine 6250mtpa of cobalt at the Kokkola refinery until 2093 - the Kokkola refinery is 100% owned by Umicore and has a capacity to refine 15000mtpa of cobalt - so JRV has a right to use around 40% of the capacity of the refinery but has no ownership interest in the refinery asset.
As per JRV's announcement of 27Jul21 they agreed to purchase this right to the capacity sharing agreement for US$85mil and as per their announcement of 2Sep21 they also purchased the working capital component (mainly inventory of cobalt material) for US$107mil by purchasing the shares in Freeport Cobalt Oy for US$192mil.
So they purchased this right to refine 6250mtpa cobalt for US$85mil but what is this asset worth today? I would imagine the logical buyer of this interest would be Umicore - in fact I'd be surprised if Umicore doesn't have pre-emptive rights to match any bids for this right that JRV currently owns - and they would have had pre-emptive rights when JRV purchased this 'right' in 2021 but obviously decided that JRV were paying 'overs' for that right so passed on exercising their pre-emptive rights.
It's a tough gig trying to value an asset that hasn't made a true trading surplus for so long - I'm going to say it's only worth US$30mil and nowhere close to US$85mil that Bryce paid for it.
And then you have to work out what the working capital component is today that supports this asset. On pg68 of the 2023 Annual Report released on 18Mar24, we are told the liabilities of the Finland business at 31Dec23 were US$76.7mil which at a guesstimate comprised $US44.1mil owing to Mercuria, US$13.7mil in trade payables (note 11 pg75), leases, staff entitlements & other US$18.9mil(balance) - I would imagine a similar figure today.
The current assets of the Finland business were account receivables US$14.4mil(at31Dec23) and inventory US$39.3mil (at 31Mar24) amounting to US$53.7mil - I would imagine a similar figure today. So net working capital deficiency of US$23mil.

So a sale might generate net proceeds:
Gross sale price US$30mil less net working capital deficiency US$23mil less legal costs on sale US$1mil = US$6mil net proceeds.

Don't think US$6mil is going to save their bacon this year - might as well leave it to the Liquidator to do this sale.