Yes, they do have another $10m coming in so it's actually more like $26+m of funding remaining for $16m of CAPEX spend. On page 11 - "A definitive agreement was signed following the successful completion of the technical, tax and legal duediligence conducted by independent advisors engaged by the parties. The second $5 million drawdown canbe executed upon receipt of final environmental permitting for the restarting of open pit mining operations andsatisfaction of stipulated Conditions Precedents in the term sheet signed between EQR and Regal ResourcesRoyalties Fund. As part of the executed term sheet the parties intend to negotiate in good faith the terms for an additional(second stage) $10 million royalty-based funding package."
The obvious reason throughput is increasing without a commensurate increase in concentrate is the tailings are becoming lower and lower quality. As soon as they restart mining we'll see the amount of concentrate increase significantly with much lower throughput.
EQR Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held
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