There's nothing to say that they could not have secured extra funding. IMO they probably could have (and kept operating at a loss) but they have had the courage to make the hard call, the sensible call, and go into care and maintenance whilst they reset and prove up a viable reserve at NN. IMO what they are doing is pragmatic and sensible as they were always chasing their tail trying to prove up NN under so much time pressure.
It makes a lot of sense to cease operations and stop cash burn whilst they prove up a viable and longer term reserve and mine plan. No one welcomes it but it's necessary.
The announcement mentions securing 'strategic funding.' It'll be interesting how this pans out - maybe a bigger, cashed up producer will get involved and take an equity stake.
GLTA & DYOR
There's nothing to say that they could not have secured extra...
Add SPR (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$1.32 |
Change
0.075(6.05%) |
Mkt cap ! $1.463B | |||
| Open | High | Low | Value | Volume |
| $1.32 | $1.36 | $1.30 | $9.643M | 7.293M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 38428 | $1.32 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.33 | 21200 | 2 |
View Market Depth
| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| SPR (ASX) Chart |