You're obviously new to small caps mate.
This company is running on the smell of an oily rag and is at risk of folding up if either the underlying commodity prices doesn't go up or they don't do a JV as you say.
In Australia if a company delists or goes into receivership you can't claim that as a loss as you didn't sell the shares at a loss. By selling and buying back in you've solidified your tax loss, only caveat is you've then got to hold them for another year for CGT purposes, it might be different in your country
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