General discussion, page-3772

If there's a chance that we cannot meet the repayment timeline of the short term debts (which already proved true with Nucharee's, which luckily was extended), then the bonuses put us worse off on ability to repay the debt. So I'd say it's funded by debt. It also makes it take longer to repay those debts, so more interest accrues. Again, being equivalent to being bonuses funded by debt (as the bonuses thus accumulate interest charges).

Consider it from the outside, as a potential investor: 2x short term debts is bad enough. 2x short term debts, and management taking a bonus at the same time is worse.


I'll stop focusing on it when timelines are met, when we have clarity on production/start-up etc, and the debts are being paid off quickly. I'd be happy enough if a raising was done to get rid of those 2 debts, before we get to full production. Raisings are only bad for those who don't participate (or whose allotment is low compared to their large holding size).

As of now, those debts are a big risk.

Maybe I'll be able to stop complaining after the quarterly. If they remain opaque until then.

Processing mined ore is behind schedule (mining announced in Sept?). I think this is right about grades -

Jul-Sept - 0.45g/t
Oct-Dec - 0.42g/t (Oct 0.46g/t, 0.42g/t for full Q, so likely 0.40g/t in Dec).
Jan - Nothing announced.
Feb - Nothing announced.
Mar - 1.5 weeks in, nothing announced.

In Sept-Dec, there was a downtrend in grade, towards the 0.3g/t cut-off grade. If they have finally started processing decent ore, and brought the grade back to an uptrend, then I'd expect an announcement. Hopefully they'll not be holding off until late Apr for the Mar quarterly.