“I thought the risk/reward equation looked good at 25c - sub 20, and with Kyte looking stronger, even more so”.
Mate, based on the DFS, approved debt funding, construction startup and planned drill program...yes, I agree that at $0.25 the risk assessment was lower than now. Everything was on the table. DD completed, we were all happy.
Then the wheels fell off...suddenly.
Given the numerous unknowns, such as schedule slippage, expected cost increases, debt status with Sprott, future CR for $11m as advised, source of any additional debt funding, and current loss of credibility and trust, until such time as all these unknowns are known, the risk has increased significantly.
The way this has been managed is quite pathetic and shareholders have a genuine right to be angry at management and the BoD for their complete incompetence.
So wait we must until they have a “definitive”, there’s that bloody word again, way forward.
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