Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-23

If it is only NAIF risking another $5M remaining of the $20M rehypothecated Any North Expansion debt (ie $15M drawn down in Dec Qtr) then they are buying enough time to reach the end of Feb and consider the new plan with an extra month to consider. Yes that's a heartbeat and better than not, but NAIF is so long and wrong debt atm, things would have to be very bad to not release the last $5M to see how production might improve going into March. Frankly, everyone needs the confidence of one good month that demonstrates the plant can run 3-4 weeks in a row at high rates to keep tipping in imo.

I can't see any new, fresh senior debt going in without a large equity buffer injection to go with it...

GLTAH