Uncertainty is the sp killer.. no idea what Thai credit facility negotiation delay got to do with Thai elections. The assumption that KCN will be at $2+ when both mills are running at current POG is 4-5 months is based on no delays on refurb of the 2nd mill and producing on avg grade 0.81 g/t from the AISC projections..
I believed in RSK story that refurbs could be paid from low grade stockpile production.. but the GM% slightly above 0.44g/t grade off is 11% based full year one mill production at current POG FCF estimate is ~ $15m positive op cashflow. Corporate G&A cost circa $12m and NE cash burn $7m say we have total cashflow outflow without refurb costs $20m.. that $5m negative operating cashflow per year based on one mill production projected on low grade stockpile . These rough calcs but there no way KCN could have paid for refurbs from internal cashflows based on going commitment.
KCN MGT cashflow forecasting and disclosure has been utterly woeful..
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