Ann: Karouni Project - Operational Update, page-17

Yes, the situation regarding the loan could get critical. Troy is very lucky there are now multiple players involved and nobody has - in the short-term at least - as good operational efficiency.
Furthermore normally an attack on equity could be done by buyers acquiring the loan from Investec. They would get 100% of their loan, but no recurring money from Troy. But loss is impossible for Investec.
The problem for any buyer of the loan is that it would imply giving up the corporate shell. And that shell is worth up to 17 cents in saved taxes per share. What's the point in getting equity out of the picture (12c) by giving up 17c?

And once again, here is why the situation has turned around:
August 2017: 110k tonnes of ore mined vs. 183k tonnes in the whole June quarter. That is an increase of 80% more ore per month.
Strip ratio already near the target of 4 vs 7 in the June quarter. This would imply 110k tonnes * 5 * 3 = 1650k tonnes total mined vs. 1495k in June quarter -> given the drier weather this means costs are staying the same (please July had less material moved and less mined), yet higher output.

Going forward (when ore production is going to drop from 110k tonnes per month to 80k per month) it would imply 80k tonnes * 5 * 3 = 1200k tonnes per quarter total material mined + 450k tonnes per quarter used for the Smarts 3 cutback. That means costs will NOT increase but stay the same with the Smarts 3 cutback while production will rise due to the higher grade from Smarts 3.

And it leaves the company with an interesting option: If the cutback is delayed, 450k tonnes * $5/t = $2.25m in costs will be saved while the output will stay the same.

I would assume output to be 105k tonnes at 4.5 g/t from Smarts 3 and 135k tonnes at 2g/t for a production of 22400 ounces for the December quarter.

That would mean the depleted liquidity levels could rise again back to $10m end of September and furthermore increase to 15m end of year while at the same time doing the Smarts 3 cutback.