They have insufficient cash to cover the next quarter's...

They have insufficient cash to cover the next quarter's projected expenditure and they are already $69m in debt.

A mistake I've made with a few stocks and I've made it with this one is to focus on the approval process and lose sight of the fundamentals.

IMHO this one has too much debt for this stage in the process.

Funding with debt when prices and projected profits are high is OK because there is a cushion for when things go wrong.

But coal prices are not high, so I can't see a lender coming up with what they need to get into production.

I'm not selling, but I am kicking myself pretty hard.