Ann: Voluntary Suspension, page-33

I really thought these guys had a chance but when they raised capital a year or so back at a large discount it crippled sentiment and the share price has dragged ever since. AISC is far too high on the mine site for this to be economically viable and with funding rates increasing I doubt there would be enough free cash flow to cover the debt servicing cover ratio to refinance their debt facility.

If their debt covenants are breached and they can’t raise capital the only two options are to get purchased in a take over offer or administration, as interest rates rise this will get even more common on for ASX listed companies.

Never held the stock as the turnaround story has never developed, they should have stuck to exploration.