Ann: Preliminary Final Report, page-4

The only bright spot???? The debt has been refinanced to levels that current cash flows cover....down to $2.00 copper. The operating cash flow was positive (Despite the enlarged payments to Gerald Metals that will now be interest only payments). Total Liabilities are down $30 million.

This company is in a far better financial position than one year ago. It was always a high-risk bet on recovery of the copper price, and management just bought us all another 2-3 years to survive for that to happen.