Ann: Strategic Review of the Savannah Nickel Project, page-2

In plain English - Project is un-economic in current/forecasted nickel price environment, its becoming harder to service the debt and we likely don't have support of equity investors to re-capitalize this company one more time. Hence, we have called in "Advisors" to try and salvage what we can by selling off the asset/company (by spruiking the exploration potential or optionality in high nickel price environment). This is better than just going into C&M again as we may never come out of it alive.

What a sad story this has been - Nothing wrong the management did to be honest - Its just Nickel prices! At the time it sounded like a good decision