From the quarterlyMajority of CAPEX for the Coburn mine has been...

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Gusman1974

2,510 Posts.

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14/07/23

09:49

Post #: 68783407
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Originally posted by kimho22: ↑

I am holding a large number of shares, but did not expected CEO playing risky game with MAH and NWH (Primeco) as always stated “contractor disputes” in all his reports. This kind of words investors never expected in the production progress of a mine.
Primeco after handed over the MSP to the CEO and staying away, leaved him (actually us) with all kind of technical issues and lack of equipments, etc. Mining world is small, after created MAH and NWH as enemies, we expected to suffer more long pains and the final result is to capital raising or/and under administration, due to the last quarter $15.97m negative cash flow and current quarter we expected much more due to only very fewer MSC produced in TWO months. Not only the contractor disputes and taking to the court, now the Ship disputes too, the delay of shipping MSC as in the statement claimed the ship not under his control!???. All investor monies on incompetent CEO is very risky. Honestly I am not a down ramper and criticising the Management, all my thoughts

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From the quarterly
Majority of CAPEX for the Coburn mine has been paid. Therefore the cash outflows can be reduced by as much as $22M that came out last quarter.
$50M cash + $15M credit facility + $20M undrawn NAIF facility.
Key is production, as shipping should sort itself out (it just delays revenue).
I don't think it is all doom and gloom.

STA Price at posting: 24.0¢ Sentiment: Hold Disclosure: Held
11 Upvote

0 Great analysis

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