The reality is that they owe the Capri debt holder $12.6 mil...

The reality is that they owe the Capri debt holder $12.6 mil next March and this is secured against the companies assets, including Mineral Hill. When you look at their financials ( that they rarely put out as they are a "producer" and aren't required to do so quarterly) and see cash was announced as $7 mil in June yet they fiddled these numbers and included $9 mil from the R&D Tax grant as income last FY ! So without it they were -$2 mil/ insolvent. You can see they simply aren't making enough money to repay this debt . In fact they lost money and the ONE OFF R&D grant isn't coming again. When you consider shareholders stand to get zero in the event of a default ( now looking very likely) why would you hold the stock? Its a screaming sell and upticks like this on a few drill holes is a chance to get out. No way out for these guys when you then add a further $11.4 mil that falls due with their con notes another 12 months later. At best a massively dilutionary capital raising may eventuate....so here comes a share price of sub $0.02....if they are very lucky.
The debt is chewing up their ability to improve Mineral Hill plant and make a profit so its a downward spiral they cannot get out of. My bet is receivers will end up handing their assets to someone else one day very soon.
Cannot wait to see their quarterly before weeks end....Ill bet there is no cash balance again.