I think its worth reading the latest announcement and like many past Anns: read between the lines.
Its estimated that they will have $10mil if all contractors are willing to halt construction.
Business is business, and if contractors can enforce a condition, then they have every right to demand compensation. It may very well turn out that the $55mil bank balance is not enough.
Makes one wonder why the YA $30mil was put in place, god forbid if they have to use it.
I still think the project has a good chance of reaching production, but I am very cautious, if they become stressed for cash anything could happen.
I will wait for further clarification before buying anymore shares even at these very low prices.
lyc announcement - project update, page-13
Add LYC (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$6.80 |
Change
-0.100(1.45%) |
Mkt cap ! $6.356B | |||
| Open | High | Low | Value | Volume |
| $6.78 | $6.80 | $6.69 | $13.60M | 2.014M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 13933 | $6.78 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.80 | 1389 | 3 |
View Market Depth
| Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
| LYC (ASX) Chart |