Check out the valuation report being posted on HC. That would...

Check out the valuation report being posted on HC. That would suggest that it is more likely than not that the debt will be refinanced - it being subordinate debt. The fact that it is not secured is a very big factor - if the company goes down the subordinate debt holder will rank just above us shareholders in line to get anything. Worth remembering also that GSJBW received 15m PNA options as part of this deal - and at significantly higher prices than 14.5c. So I suspect that, while they will want to be compensated (higher i/r) for the current risks - i.e. impact on cash flows as a result of fall in copper price - it will be in their interests to come to an arrangement.

PNA may also have other debt finance options. But I wouldn't want to be going down that path in this environment.

Talk of equity raisings are, in my view, also a bit ridiculous.