MNS - Where does the SP go from here?, page-9

The metrics say it all Robbo24; ~90,761,522 options to convert by 31/5/2017 with a strike price of $0.09533.

The most recent conversion for 1,340,000 which raised just ~$127,742.20 for ~0.29% of a $258m MC says it all. And this on top of the most recent Half-year report which confirms;

• The balance of these cash reserves is not sufficient to meet the Group’s planned expenditure budget including evaluation and development activities for the 12 months to 31 December 2017. The Group has exploration, evaluation and development expenditure forecast over the next 6 months totalling $5,193,304. In order to fully implement its exploration strategy, the Group will require additional funds.

Finance could/would change this. But the question is can it be done in time? And will it be for the entire ~$269m USD required? Plus operating costs? Given we already know that they aren’t submitting a bank-funding request through an institution which adheres to the equator principals (otherwise they would have announced a Resettlement Policy Framework as per their requirements) you have to ask who will not only fund the mine, but the ongoing day-to-day operation?

Don’t forget SYR couldn’t obtain a bank loan, even with a customer. They built their mine through a substantial CR.

I believe a new day has dawned upon the sector and many investors are looking behind the hype and considering the realities in a detail not yet seen within the industry.

Longer term it will be good because we’ll have a healthy and vibrant industry. Short term though, companies will put under the microscope.