It is worth remembering that there is a Nebari debt facility of 10m USD sitting there undrawn, it's obvious that this was reserved for the $15m AUD payment for Mt Oxide that is due early next year, because they raised enough cash to get into Sulphide production with contingency WITHOUT factoring in the Nebari facility.
Very old news that the Sulphate strategy is a spud. Whilst you'd expect improvements going forward with freshly mined ore now being added to the leach piles, it's obvious that the SX production isn't going to be a cash cow. This is well and truly built into the share price.
Reality is the previous management was an absolute disgrace. Incompetent and dishonest. I still expect there to be a regulatory response to that debacle, but the wheels of regulatory justice turn slower than in the real world. I don't think this is a big negative for the SP any more, again it's built into the SP. Might be a big negative for the individual (if not it should be).
There is still potential in this, but I think it takes time. In the short term incoming wet season, but maybe further weakness from that is an opportunity to get set/average down at a good level.
TNC Price at posting:
3.5¢ Sentiment: Hold Disclosure: Held
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