Agree with you there. Its a chicken and egg problem. Financiers want to see more cash on the balance sheet from CR, shareholders want to see financing. I think the company could just luck out if the POG keeps heading north at that point its attractive for retail and institutions to step in anyway. The problem with their resources is that the cutoff is so much higher than POG for their shell definition. So as POG rises, it all starts looking pretty amazing again, the CR will get oversubscribed and the financing will come hopefully with a hedge at a higher price. Extending the deadline was a good move to see if the gold bounce has legs. If it does then pursuing an aggressive expansion strategy makes sense. If it doesn't its best to try and raise the funds organically through milling what they have rather than dilute holders now or lock in unfavourable financing terms and have a bite at the bigger apple when POG is better. The gold isn't going anywhere. Unfortunately I'm not naive and I doubt the patient approach wins out if we do see a pullback in POG.
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