I only skimmed the quarterly. Tell me if I have anything wrong...

I only skimmed the quarterly. Tell me if I have anything wrong from this summary:-

Production and sales = $ 160,000 => @ 100 oz from 1gm/tonne tailings => basic plant working.

Plant not able to process underground ore.
No date for processing underground ore.
Some other circuits in the plant still not functional.

Stockpile of gold bearing underground ore is gaining value, but they don't say how ,much its worth.

Next qtr production costs $ 600,000 ($ 200,000 per month)
No production forecast for next quarter.
Next qtr total operating costs $ 1,800,000.

They are exploring on some 6 or so sites.
History shows that successful exploration (=> JORC resource increases) do not increase the value of this company.
(In my view because they are not trusted by the market)

New (and total) borrowings 1.8 mill from a Hong Kong source.
This is convertible to shares at 2 cents.
This money will be spent in 3 months (now 2).
They can borrow more.
The terms of the loan have not been disclosed.

Presumably if they don't produce cash in whatever the terms of the loan is (guessing 6 - 12 months), the lender will not convert, but will then make demand, and take his security = all assets.

Are these guys Nuts?
Or are they confident?

They've been confident many times before and failed.
Bad feeling. Dicing with death.