No, I don't think they will pay down debt either, which is appropriate as it will leave them the funds to operate with (no cap raise). I had a look and it's not repayable till well after LEL comes out of escrow I think, so if worst comes to worst, just sell some shares to pay off the debt (if we're still doing nothing by then).
I hear you about frustrating. Unfortunately after delay upon delay upon delay, what I had feared might happen actually did. These guys dicked around for that long that by the time we started actually pulling it out of the ground the price had fallen to a point where it wasn't worth doing. I think the mining lease was granted back in Sept 2020, this should have been up and going long before now. Think I was tossing up between these guys and FEX at the time (man picked the wrong horse there).
But yeah no point selling now, the way it's trading in relation to LEL you're basically getting the iron ore for free anyway (hopefully come good at some stage) and hell at this price you're even getting some LEL for free.
SRK Price at posting:
9.8¢ Sentiment: Hold Disclosure: Held
