We are currently still operating with circa $55 mill cash. We are unaware of what commitments lay claim to part of that $55 mill. Administraion = insolvency = its all over in current form = we lose . We are currently solvent or we would not be trading. Trading whilst knowingly insolvent is illegal from a BOD point of view. Given our asset holdings including LLL shares we should easily be able to raise likely at an unfavourable issue price though. The BOD will need to build in a 'cash buffer' and a tight hand on the purse strings to avoid another disaster. No doubt they will put in place a disaster recovery plan with solutions, eg resumption of sanctions, huge COVID outbreak and lockdowns in Mali, etc. I have always believed this is very recoverable even though we have not been given a lot of information. Whatever our best chance making a little bit of money out of this situation is to keep trading even if the raise dilutes more than we would like. Give a couple of years and the value of the FFX holding may well be worth around 20 cents a share without taking into account the gold.
FFX Price at posting:
20.0¢ Sentiment: Buy Disclosure: Held
