For all the reasons that 2iC covered in his earlier (30/4/24)...

For all the reasons that 2iC covered in his earlier (30/4/24) post, I don't think they can come out of suspension for quite a while. Whilst they have made massive strides in stabilising the operations to a basic level of consistent run-rate mining, they are way off demonstrating a viable business model that can fund itself and also show capacity to repay debt.

Unless there is a miracle and prices suddenly double for their HMC, that viable model can never be attained just mining and shipping HMC. They must be able to get to higher value products and have the Mineral Separation Plant (MSP) operating effectively and efficiently. I see no evidence that they are anywhere near getting the MSP operational at this stage. Indeed, they are still in the "crawl" phase of crawl / walk / run in just trying to demonstrate an efficient basic mining operation.

Unless and until they can demonstrate a viable operating model, there is no way that they can reach conclusive ongoing agreements with their financiers nor raise a material level of capital to restore financial stability to the business. My sense is that this is still some way off and I am expecting this to remain in suspension and on life-support with its lenders for some time yet and operating with very little margin for error - it still remains an enterprise that could easily be "tipped" by its lenders at any point in time.