Is it time for Care and Maintenance?

With cash draining out of the company and R&D rules being changed recently is now the time to put the plant into care and maintenance?

Best case scenario if every other aspect of the company ceases altogether, ie; slash office staff, zero exploration, no more "investor roadshows" and like this is still negative cashflow on a quarter to quarter basis.

Funding deal has fallen over yet again, pre-sold material never even got "post sold", which raises another question, when exactly is the first sale of material occurring?

Can this sustain the next 6 months OPEX?

Receivers would have to be called pretty soon IMO, who will end up with the mine in this case?

By my estimates even if they do go on a severe cost cutting drive and receive the first $3m in placement funding as per announcements auditors would not be able to sign off as a "going concern".

Only thing that would stave this off is actually receiving the $10m originally promised as part of the pre-sale agreement.

It is going to really suck if China end up leaching the rights to the resource, would rather see LYC purchase out of receivership or gain 51% of the company via a special "placement" of say $50m, I'm sure Japan would fund it, would clear any "payday loans" and then we could clear the decks of management and the board so a real team could come in and make use of the resource.

Ps: would love to hear alternate views.