Hmmmmm...... Not sure. There were three issues. First is...

Hmmmmm...... Not sure.

There were three issues. First is production, and there have been clear and ongoing improvements to finally crank it up to 32kT. The second issue is access to ore. As you may recall, the problem they had was removal of overburden on the main pit following completion of the LOM study, which is going to cost time and money. To date, they've been mining Kipoi north but that was due to run out so no matter how good production is, no ore is no ore. And the last issue is making the bullet payment.

My thoughts were management felt they couldn't raise enough from shareholders to make the bullet payment AND pay for removal of the overburden AND continue to fix the mine AND make continuing debt payments while not earning money making copper because they had no ore. Time was against them.

I'm therefore delighted they dropped the sale (in the sense that I would rather scuttle the ship than surrender). But I'm surprised. I honestly thought the debtholders - either in their power as debtholders for breach of contract or as significant shareholders - would force them to sell. It'll therefore be interesting to find out what's the next play. I do agree it's a signal of some sort. But whatever that signal is, a big raise or debt forgiveness is surely on the cards.