buy side spike

buys 12 mill vers sells 6.7 mill

turnover 4mill
open 12
low 12.25
last 14

a bit of a turnaround...may be looking at an announcement sooner than expected

the date given by the lenders would be putting on pressure to make a deal now

the odd trading this week appears to say something is getting close

extra info

re-read dml last qtr report dated 15 july 2013
financing debt
CORPORATE
pg1
At 30 June 2013, the Company had $21.2m in cash and total group interest bearing debt of
$153.9m
pg2 appendix 5b

3.1 Loan facilities 128,860,000
3.2 Credit standby arrangements 25,000,000

CASH ON HAND $21.2m

appears to differ from some of the debt figures I've seen tossed around in here.......

given its a working plant and costs are reducing whilst copper prices are increasing and production is increasing its not hard to see that given a break this company can be profitable......

the debt owed compared to the asset backing should not be a worry for a group of bankers....and so it seems that way as they keep giving extensions.......

copper hedging is at about to $4.06 lb till approx Dec 16 2013..no silver hedging...

COURT ORDER ...Funds owed to DML pg 7
SEDGMAN EPC CONTRACT
Discovery Metals was entitled to
$4,989,650.93 (Nett Payment)
Sedgman NIL
Discussion ongoing with sedgman through
contractually agreed process

It may be considered that selling off other assets may also bring in capital to reduce debt

Manganese Prospects,
South Botswana
(Discovery Metals 100%)

Kraaipan Gold Project
(Discovery Metals 100%)



last price 14c