Ann: Tormin update and exclusivity for potential sale, page-21

Hi Fulang66 hopefully not but the situation is not looking good…

Quote: Spid advised below but doesn’t want to connect the possible dots towards possible administration…




The problem here is it’s a big if and sounds of desperation and denial. if contractors are not comfortable and rightly so considering the present cash burn harsh conditions and knowing maintenance has been a major concern in reaching production targets there may be nothing for them to be paid from…How do they get paid and why do they need to take the risk…You could add smart move if MRC has contractors assisting with mining but financial burden on the participating mining company…For what reason would they?

Will the lender step in if payments can no longer be afforded…It’s a sad situation and let’s hope that administration process is not required…



Regards Croc