@robbo24 You might be missing something in your calculation. The...

@robbo24

You might be missing something in your calculation.

The market cap currently for MOY is $53.47 million.

My assumption is(which you have assumed), they don't have 18.1 million cash on hand. If they had why would they desperately borrow 10+5+5=$20 million from IMC, which destroyed the share price. That cash is almost gone like all other money. From the last quarterly the Investec loan facility of $15 Million was fully drawn.
So my calculation is

Current Market cap = $ 53.47 million
Current Cash on Hand = Unknown
Investec Debt= $15 million + Interest (6-8 %)
IMC Debt = $10 million + Interest (a whopping 13.5%) + 60 million options.
End of June= $5 million + Interest ( 13.5 %)
End of July= $5 million + Interest (13.5%)
-----------------------------------------------------------------------------------------
Enterprise Value = $88.47 million (+ Interest)

Trade Creditors must have risen sharply. They are the last one to get paid.

Since early 2017, the company got into this situation from no debt, 27.1 million cash in hand and after producing and selling roughly 160000-180000 ounces of gold, to having as much as $35 million+ debt, $16 million capital raise money, all down the drain. Even the small gold hedge(20k ounces at $1725) is far out of the money.
They spend 30 million plus and still spending at Barton's underground. It is a tiny resource.
They almost use all the cash in hand, spend the Investec $15 million loan, raise $16 million fresh money from shareholders, then 5 weeks later try to raise 20 million dollars. Who does that, only imbecile.
All this means management has no idea what they dealing with. It's investors money lets go and experiment.....see what happens.

After all this, does anyone know will it work. The answer is a big NO. Even the team involved and management do not know. They are experimenting with investors money. If it miraculously works out....good. The share price will recover only after many many quarters of consistently profitable results, reduced debt and added cash balance. This will not happen overnight but maybe years.
On the other hand if after all that INOX and PINOX experiment still doesn't works.......the AISC is 2000+, then the only hope would be to pray for 2500 gold price. I don't see that happening anytime soon.

The market as a sum has worked this out. The company will need more money to finish its project.
There is still no guarantee whether it will work. Management have lost all trust and confidence.
Imagine MOY coming to the market once again to raise money. That will have to be at BLK style for 2.5 billion shares at 1.5c and still cut into half.

In all my years I am yet to see a share price recover after this kind of fall. It's like falling from 15 storey, little chance to survive and even if someone miraculously survives , a long time will need to be spend on rehabilitation.

I see people talking about NOVO. Why would NOVO come now.....they will wait, let it fail and crash, pick up from the administrators for a song. If this management were smart they would have done the deal on strength. No one gets a better deal when they are on their knees begging.

The power players still have plenty shares to offload....before the eventual collapse. Suck the bargain hunters. This stock should not be allowed to trade until the plant upgrade and results. Only reason is the stock has to be distributed. The power players will take every money they possibly can.

@Newbegining

What has this management done for investor sentiment to be good ??????
Can anyone find one reason.